Published Saturday, November 29, 2008 6:05 AM
Iola's only bank cites lack of growth in closure
"I think the biggest effect on the community is the elderly in town that do not care to online bank. It's going to make it more difficult for them. I wish another bank would consider coming here."
Christina Stover
Iola mayor
MARK A. PETERSON
mark.peterson@theeagle.com
The financial institution once known as Iola State Bank -- founded 101 years ago and the lone bank in the town of 350 people -- will close its doors at the end of the year, three years after being acquired by Wells Fargo.
"I think the biggest effect on the community is the elderly in town that do not care to online bank," Iola Mayor Christina Stover said. "It's going to make it more difficult for them. I wish another bank would consider coming here."
The nearest bank to Iola, 10 miles away, will be the First State Bank of Bedias, where retired Iola resident and Wells Fargo customer Larry Adams plans to transfer his account.
"I know whatever bank I go to will have paperwork involved, but at this point in my life I don't need to deal with a lot of paperwork," Adams said. "They tell me that I can do things like the direct deposit on the Internet, but I'm not an Internet person."
Helen Bow, assistant vice president and corporate communications manager for Wells Fargo's Texas region, said the closing of the bank -- which has one full-time and one part-time employee -- was prompted by a lack of customers.
"Our customers are visiting less and less to the Iola location," Bow said. "We do not expect more growth in this area, so the decision was made to close this store on Monday, Dec. 29."
One Wells Fargo customer who has already begun using a Bryan Wells Fargo location is Sue Sanders, a homemaker who moved to Iola a little more than a year ago.
"I'll miss [the Iola branch] because it was the only bank around," Sanders said. "I used to use the ATM there, but the sign at the old bank already says they will no longer have an ATM as well."
According to Stover, the two employees will work in similar positions at the Navasota Wells Fargo. But Bow declined to confirm that, saying only, "You are likely to see the same friendly faces of team members from the Iola store at other nearby Wells Fargo locations."
"It's just an aggravation," Adams said. "I used [Wells Fargo] because they were closer to me, but they didn't have anything more than a few tellers there. If you have no branch manager, you're not going to make any money."
The Iola Wells Fargo offers personal banking products, including checking and savings accounts and personal loans, according to Bow. Members with business banking needs were referred to the Navasota branch.
The bank's Iola customers do not need to do anything if they want to continue to bank with Wells Fargo. Their account numbers will remain the same and they will automatically be transferred to the Navasota Wells Fargo branch, about 35 miles from Iola, after Dec. 29, Bow said.
Customers with questions can call Wells Fargo at 1-800-869-3557.
Comments
[comment]
25 comment(s) found!
Posted by:
what makes you college station pukes so jealous of every community in your area? On:
Monday, December 01, 2008 11:18 PM
Comment Title:
did you get arrested in another place and hold it against them. did you go to school in the area and fail out and blame it on them instead of yourself.you need to get on with livin and quit findin fault with your neighbor or you will be useless pukes all your live.
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Posted by:
On:
Monday, December 01, 2008 10:03 PM
Comment Title:
Yep, downtown Bryan may be the only place to get a loan. With the highest median income in the Brazos Valley, we will be happy to help the unfortunates of College Station and neighboring communities should they need assistance. Additionally, you might Google "Payday loans College Station" and select Maps to see other locations offering payday loans.
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Posted by:
Susan College Station On:
Monday, December 01, 2008 6:30 PM
Comment Title:
As more Americans hit hard times downtown Bryan may be the only place for a small loan. These Bad credit loan business may be all that is left next year.
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Posted by:
CS On:
Monday, December 01, 2008 5:33 PM
Comment Title:
Wells fargo is very good bank. My score is over 750. I have no problems with this bank. You Need good credit and Work history with this bank. Iola residents need to try the loan Business in Downtown Bryan the specialises in blue collar and part time workers. These Bryan Business Are very good with people with no credit and bad credit. Very helpful I am told.
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Posted by:
On:
Monday, December 01, 2008 10:51 AM
Comment Title: To "Bryan, Iola, next the world... "
Your comment is the most ridiculous thing on this thread, (I'm hoping it's sarcasm). Anyone who honestly believes that needs a serious reality check. I would love to stick people like that in places like Greenspoint (Houston) a.k.a "Gunspoint" or in downtown Dallas, see what real slums look like.
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Posted by:
not asking for bailout On:
Monday, December 01, 2008 8:29 AM
Comment Title: B.S.-more than good credit score and job needed!!!
I'd like to know just what the **** it is. I have been a WF customer aprx. 4-5 yrs. I have good credit score (over 700), good job (am a nurse in my 40's with over 20 yrs experience) and make over $50k per year. I have two checking accts with good balances at WF and a small unsecured loan at WF (less than $10K). Have a home mtg pmt less than $800 (am a month ahead on my pmts, bal under $100k w equity and have made 2 extra mtg pmts this yr), have one auto pmt less than $400 and credit card (also w WF) that I send more than min pmt monthly every mo. (current cc bal is less than 5k and has at least another $5k available credit on card limit) and have no other bills other than the norm, grocs, gas, utls, etc. I also own other assets as well. Was going to consolidate the WF CC and WF loan (asked for 15k at lower interest rate). Wells Fargo said no- that I don't meet their qualification! As mentioned in my other post below, WF has loaned to me in past 2-3 yrs and tried to loan me $15k when all I asked for (and previously borrowed) was $12K. I have never been late on a single pmt, have no credit or collection problems and haven't had any. I'd like to know just who they loan to. Those meeting the apparent requirements don't NEED to take out a loan!
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Posted by:
Dassey On:
Monday, December 01, 2008 8:18 AM
Comment Title: Excuse me Brzaos...
Grimes http://www.fedstats.gov/qf/states/48/48185.html Persons below poverty, percent, 2004 16.9% Median household income, 2004 $33,760 Brazos http://www.fedstats.gov/qf/states/48/48041.html Persons below poverty, percent, 2004 19.0% Median household income, 2004 $32,228 The Grimes county numbers INCLUDE Navasota, which has around 27% of the population under the poverty line, while Bryan only has 23%, while College Station has around 37% of its population under the poverty line.
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Posted by:
Jay-Bryan On:
Sunday, November 30, 2008 7:29 PM
Comment Title:
Even in the best of time you need a good credit score and good job to get a loan. A Banks main business is based on loaning money. WF is a solid bank today because they do not loan money to hard luck people without good credit and no real job. This town needs a We keep the title bad or no credit loan office. A full service bank known around the world with over seas Branch's has no business in a town like this. Bryan has many no credit pay day advance business in it's west side and downtown for this reason. Basically Bryan's west side and Iola are sister cities.
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Posted by:
On:
Sunday, November 30, 2008 11:57 AM
Comment Title:
You are a mini Bryan. Wake-up
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Posted by:
keep out --Bryan poeple. We to not need your trash. On:
Sunday, November 30, 2008 9:26 AM
Comment Title:
We would still have a bank if it was not for all the Bryan type people moving in the Area. Drugs and welfare is all they know. They hope to annex us one day into the life style of shame and City corruption the have in bryan.
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Posted by:
Bryan, Iola, next the world... On:
Sunday, November 30, 2008 7:26 AM
Comment Title: It must be Bryan's fault!
I'm sure there must be someone in Washington DC from Bryan, TX. Since that's the case, Bryan, it's your fault that the economy is in a slump, banks are collapsing (IOLA), we are in an unpopular (as to popular?) war, the big 3 are having problems, people are killing each other in many African countries and more. YOU (Bryan) should be ashamed- after all, this is YOUR fault...
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Posted by:
Rita - Navasota On:
Saturday, November 29, 2008 9:05 PM
Comment Title:
I went to hi school with Bennie and Chris before my family moved to Navasota. there is no way they would do this. this is a mistake and the will be cleared
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Posted by:
On:
Saturday, November 29, 2008 8:52 PM
Comment Title:
Anytime foul language is used it is the Cs/TAMU basher Bryan.
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Posted by:
On:
Saturday, November 29, 2008 7:27 PM
Comment Title: to Iola, Grimes County, Texas outsourcing its trash
for one that link that you posted has nothing to do with the bank closing down. I bet you dont even know the two boys who are being accused of that. Cause if you did you would know that they didn't do it. Just cause your from college station does not make you better then anyone else. Collge Station is not all that great just to let you know a bunch of rich snobby people that have just as much crime as the rest of the world. Iola is a great town and I am proud to say that I grew up there because there weren't any judgemental people there like the ones that post dumb ass comments like yours.=!!!!
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Posted by:
On:
Saturday, November 29, 2008 5:16 PM
Comment Title:
Just shameful This Bryan resident said he was from Iola.
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Posted by:
Iola, Grimes County, Texas outsourcing its trash On:
Saturday, November 29, 2008 2:04 PM
Comment Title:
Native sons arrested for rape and burglary in Kentucky. http://www.richmondregister.com/localnews/local_story_332130432.html
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Posted by:
Anderson TX. On:
Saturday, November 29, 2008 1:41 PM
Comment Title:
Fear discourages growth and investing in Grimes county. Recent spate of drug-related violence and police shooting of a Bryan resident nude on the roads of Grimes county have been driving apart what have long been close-knit communities,discouraging some residents of Texas from crossing into Grimes County and investing. Areas near Iola have been paralyzed by thought of more Bryan resident criminals moving into the County.
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Posted by:
And then, and then On:
Saturday, November 29, 2008 1:37 PM
Comment Title:
when we finally get College Station surrounded a big DOING IT is gonna happen. Oh happy day.
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Posted by:
Grass ain't growing under our feet On:
Saturday, November 29, 2008 1:23 PM
Comment Title:
Our people are moving to Anderson, Carlos, Millican, and Snook. And then we are going to do it again and again. We like doing it although I'm not sure why we like doing it, but we are proud to do it
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Posted by:
On:
Saturday, November 29, 2008 1:13 PM
Comment Title:
We have to many People from Bryan in Iola that the problem. We did not move to the slum of Bryan it moved to us. They are the welfare rats and drug dealers that give us a Bad name.
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Posted by:
Bryan did this to us On:
Saturday, November 29, 2008 12:39 PM
Comment Title:
Dang right we did it, whatever it is we did. I'm not sure why we did it, but I'm glad we did it and we'll do it again.
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Posted by:
Lone star cards and slum lords from Bryan did this to us. On:
Saturday, November 29, 2008 10:30 AM
Comment Title:
If more people worked in town the Bank could have made it. WF is one of the few stable banks in the US. They do not take chances like other banks. To may people in Grimes county are on Welfare. This is the reason are area is not growing. Iola is now a Mini Bryan of Drugs and crime.
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Posted by:
how much did the gov bailout give to them? On:
Saturday, November 29, 2008 10:13 AM
Comment Title: WF not your friend
Just another big bank with eyes glazed over, seeing only dollars/cents. I borrowed some money from them a couple of years ago. They tried to push me to borrow more than I needed. Last year, I tried to refinance (to consolidate an unconsigned WF loan and a WF credit card). I actually requested less money than they tried to loan me before and was turned down. Nothing had changed on my part but they said their loan underwriters or similar? had tightened up the requirements. The only thing that would have changed was a lower interest rate on one account instead of two. I believe they just didn't want me to pay less money to them for the same amount borrowed.
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Posted by:
David On:
Saturday, November 29, 2008 9:53 AM
Comment Title: Good Riddence!!!
Wells Fargo has become one of the worst rated banks in recent years, and it sucks that they bought out the Iola bank and then closed it. Wells Fargo customer service is horrible. They strongarmed me into changing account types promising me there would be no charge, and the next month I received a $25 account fee. When I complained, they were only willing to remove half the fee until I threatened to close my account. Iola bank had no problems until Wells Fargo took them over, and now the whole community is going to suffer by losing a bank it had for over a century.
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Posted by:
buh-bye wells fargo On:
Saturday, November 29, 2008 8:44 AM
Comment Title: service was friendly, bank policies were not
In my opinion, the reason customers were leaving the wells fargo bank was because of bank policies. How do you run a bank that doesn't allow a non-customer to buy, with cash, a cashiers check, or cash a check drawn on that bank without charging them a fee? Wells Fargo apparently thinks they are a private club. Wells Fargo needs to remember that people made them what they are today, and people can make them a distant memory, no company is ever too big to be taken down. I'm glad they're leaving Iola, I just wish another bank would come in it's place. Just another empty building on main street! I did note that WF says they don't expect any growth in the area, sure wish someone would have passed that on to the Iola ISD before they hornswaggled people into voting for a $11 million school bond to accommodate all the "growth". Some of us still are questioning those election results.
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