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SALEM, OR-Wells Fargo is consolidating its local retail and administrative operations to a former First Security building on State Street. As a result, the company is reportedly preparing to sell its old location along with another building in town. Wells Fargo merged with First Security last year.

The branch is currently located in the Capital Center Building at 280 Liberty St. The 15-story building completed in 1927 as the First National Bank building and remains the tallest building in the city.

The bank branch and other personnel are moving from that building this weekend and into a larger building at 580 State St. The company is investing more than $1 million in tenant improvements to the 27,000-sf structure.

Wells Fargo is now said to be preparing to sell Capital Center along with an adjacent parking lot and another building at 333 High St. best known for its retail tenant, Wedbush Morgan Securities. GlobeSt.com was unable Friday morning to confirm the story with Wells Fargo or obtain any further detail regarding the properties, but will update the story next week.

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