Wells Fargo Bank plans to close its Midway Boulevard location Aug. 5, citing a lack of need for two branches in Oak Harbor.

In a letter, the bank encouraged its North Whidbey customers instead to use its other branch, at 361 S.E. Pioneer Way.

“We do remain committed to the Oak Harbor community,” said David Larkin, Northern Washington district manager.

Wells Fargo acquired the Midway building in 2004 when the company absorbed Pacific Northwest Bank. At the time, Wells Fargo wanted to expand in Washington state.

When deciding whether to close a branch, the company examines patronage, maintenance costs for the branch and market distribution, Larkin said.

Oak Harbor didn’t need two branches.

The company plans to put the building up for sale by year’s end, Larkin said. The bank plans to retain the 24-hour ATM machine at the Midway location, so customers on the north end of town have quick access to cash.

All of the employees will be retained by the company, though some may be assigned to a location outside Oak Harbor.

This is not part of a larger downsizing effort or a reaction to an increased interest in digital banking, according to bank officials.

The bank’s store count has held steady the past several years at more than 6,000 branches. The company opened branches in Mukilteo last year and Kenmore this past spring.

While branches are changing, the bank doesn’t foresee getting rid of its other Oak Harbor store anytime soon, said Wells Fargo spokesman David Kennedy.

“While we’re always looking for ways to provide convenient banking options for our customers, we also know it’s important to our customers that they are able to speak with a banker who can help them with their financial needs.”

Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMS, the internet and mobile banking. It has offices in 36 countries and $1.8 trillion in assets.