Wells Fargo to exit downtown branch, enhance Morganton Plaza location
The corner at West Union & Sterling has been a bank for more than a century
The current Wells Fargo building was previously home to Wachovia and First National Bank. The image, submitted by the History Museum of Burke County and the NC Room from the John T. Oxford Jr. Walt Greene collection, shows the facade of the building was dramatically altered from the second building.
Downtown Morganton’s Wells Fargo branch on West Union Street will permanently close this November. It’s uncertain yet whether the closure will put a cap on decades of banking at the southwest corner of Union and Sterling streets.
Construction is well underway at the future location of Morganton Savings Bank, at the corner of Green and Patterson streets.
This fall, Wells Fargo plans to close the doors of its Morganton Main branch, creating uncertainty for a corner of downtown that has been home to banking since the early 1900s.
The Morganton Main branch and ATM, at 101 W. Union St., will permanently close on Nov. 18. Customers will still be able to bank with Wells Fargo as branch operations will move to the company’s other location within Morganton Plaza, at 801 S. Sterling St.
“Branches continue to play an important role in the way we serve customers in North Carolina in combination with our mobile app, website, and ATMs,” according to a statement from Joe Rupolo, senior assistant vice president of Consumer Banking and Lending Communications.
Customers will still be able to receive person-to-person financial support and services at the Morganton Plaza location, according to a recent message to customers from Antonio Dansberry, district branch network senior manager. Those who have a safe deposit box should be receiving more information.
A 1882 Value Back $10 bank note with pen signature of I.I. Davis, vice president. A total of $475,880 in National Bank Notes was issued by this bank between 1900 and 1935.
Rupolo added that as the branch prepares to transition, Wells Fargo is reviewing staffing needs and will make every attempt to place employees in positions at other branches.
The advisors at the Wells Fargo Advisors office on the second floor of the Morganton Main branch will remain at their current location.
Wells Fargo has been on a mission to modernize more than 4,000 branches, according to the Charlotte Business Journal. Major redesigns have been primarily in the Charlotte metro at locations like the Freedom Drive branch.
“As we optimize our branch network, we are focused on enhancing our branch presence based on customer demand and changes to the retail landscape to best meet the banking needs of each community we serve,” Rupolo stated.
He added that the company is investing in enhancements at the Morganton Plaza branch, including a refresh and design updates to accommodate additional customer activity, and expect to complete the work in early 2027.
BANKING HISTORY
The building has been home to Wells Fargo since 2010, after the company acquired Wachovia. However, the first bank in the location was First National Bank, which moved from the former Piedmont Bank building that is now Homer’s Soda Shop in 1902.
The First National Bank of Morganton was born after the Burke County Bank was converted from a State bank to a national bank, and the name change came under an Act of Congress on March 13, 1900.
First National Bank’s first building at the southwest corner of Union and Sterling streets stood from 1902 to 1923. The second building housed the bank until 1946. The third building still stands today, housing Wells Fargo until mid-November. The photo was submitted to Picture Burke by Steve B. Patton.
The change was designed to bring the national banking system to the poorer and more sparsely settled sections of the country, according to a booklet from the bank’s 50th Anniversary celebration, provided by the Burke County Public Library.
At the southwest corner of Union and Sterling streets, First National Bank was housed in three buildings, the first of which stood from 1902 to 1923. The second housed the bank until 1946, and the current building was built covering the site of its predecessors and additional land fronting on Union Street bought from M.M. Bost in 1941. The building became home to Wachovia after a 1967 merger.
“It is ideally located, constructed, and equipped to serve the banking needs of Burke County throughout the foreseeable future,” according to the booklet.
In 1923, First National Bank, at the corner of West Union and South Sterling streets, moved into a new building constructed on the same premises as the older bank. The previous exterior clock was replaced with a bronze O.B. McClintock clock. In 2024, the clock was restored, chiming for the first time since the early 1990s. Greene Studio captured the image in 1937.
The current building remains home to the popular O.B. McClintock Clock, which was restored in 2024 through the efforts of Scott Andrews of Valdese Watch and Clock and Amy Brooks of Paradise Glass. On New Year’s Eve that year, the over 100-year-old clock chimed for the first time since the early 1990s.
WHAT COMES NEXT?
It’s uncertain what will take the place of the bank’s downtown branch, though Wells Fargo still owns the building, according to Burke County property records. The property’s total taxable value is $1.9 million.
Wells Fargo is still considering options for the Morganton Main branch location, according to Rupolo. No decisions have been made yet.
The community has already started placing bets on what the space will hold next, some saying they think the large building will become home to luxury condominiums, while some said it will turn into another vape store.
Morganton Mayor Ronnie Thompson said the building is probably one of the most valuable properties in downtown, so it’s critical that the space be filled for the block and the rest of the area to be productive.
Thompson said that he would like the space to be filled by another financial institution, not only because of the deep history in banking, but also so that downtown merchants can use it.
