GALESBURG – All traces of the building at 50 E. Main Street that was recently a Wells Fargo Bank are gone, with the exception of one still operating ATM. But one thing Wells Fargo couldn’t leave behind is a lease payment.
The third largest bank chain in the United States still has an original 15-year lease that runs until 2028, according to South Dakota property owner Blair Johnson, 50 E. Main St.
“(Wells Fargo) made me an offer to let her off the lease, but I turned it down,” said Johnson, executive director of 850 “F” Street, LLC. “So Wells Fargo will be looking for someone to move in there.
“They are hooked with me so I am sure they will try to minimize their losses.”
When a Wells Fargo spokesman asked for a comment on the future of renting, he said, “We currently cannot share our plans for the 50 E. Main Street location in Galesburg.”
Wells Fargo wrote to customers on April 9th, informing customers that it would permanently close its downtown facility at 50 E. Main St. effective July 14th. True to their word, the bank closed that day. Within hours, all the red and yellow signs with the recognizable stagecoach pulled by six horses were gone.
Nelson & Associates law firm will continue to rent the upper portion of 50 E. Main St. Built in 1968 as an original Home Savings & Loan facility, the building has 6,527 square feet on both the main and second floors. There is also a cellar.
Johnson purchased 50 E. Main St. from MAK Properties on July 7, 2017 for $ 1,130,000, according to Knox County’s property tax filings. MAK Properties acquired the property from Associated Bank in May 2012.
Wells Fargo announced in January 2013 that it was moving from its longstanding location at 200 E. Main St. to the former Associated Bank building at 50 E. Main St. The doors of the new Wells Far opened in June 2013.
The Sandburg office at 2131 N. Henderson St. will remain open and will remain the only Wells Fargo presence in Galesburg.
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“It’s sad because it was kind of a foothold downtown,” said Johnson. “I don’t really know what the thought process was about which one should stay open, but I was surprised that they kept the other open and not the one downtown.
“Maybe I’m a little biased, but it seems like one of the nicest buildings downtown. I think what makes it so beautiful is all of the glass.”
The Wells Fargo ATM in the passage behind 50 E. Main St. will remain open, but Johnson said it will be removed at some point. A sign on the ATM reads: This ATM will remain in place when this branch closes.
“I hope Wells Fargo get someone in and they want to stay beyond 2028,” said Johnson. “If not, I’ll be looking for people in 2027. The building still belongs to me and I will continue to do everything I can to keep the building a part of downtown.”
Johnson said he was happy with his only investment in Galesburg’s commercial real estate.
“The building was very attractive because it had such a good cap and it was in the price range I was looking for,” he said. “Banks are good tenants and Wells Fargo is a really good tenant – they’re super easy to handle.”
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In April, a Wells Fargo spokesman explained the decision to close the downtown facility, saying, “This is not an easy decision or one we are taking lightly. and economic development, this process leads to both expansion and consolidation.
“While stores continue to be important to serving our customers’ needs, we are seeing customers increasingly using digital tools for transactions like check deposits. As a result, more transactions are carried out outside the branch and they are informed of any changes that may affect day-to-day banking. “