PNC Bank Is Closing 47 More Branches in 15 States, as of June 23
The decision came after evaluations of the branch network, the company said.
If you have a smartphone, you likely have a banking app downloaded. These nifty programs help you keep track of your money while on the go: You can initiate money transfers, report fraud, or speak with a customer service representative virtually. But still, there are times when you need to visit a bank branch—and you might also just feel more comfortable interacting with a teller in-person. So when one of these locations closes, it can be seriously inconvenient, forcing you to drive farther to make your deposits or withdrawals. If you're a PNC Bank customer, this could soon be your reality, as the company just confirmed plans to shutter 47 branches in 15 states. Read on to find out which locations are closing come June 23.
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Some states are losing more locations than others.
According to a March 25 weekly bulletin of regulatory filings from the U.S. Office of the Comptroller of the Currency (OCC), PNC Bank has plans to close 47 branches this summer. All locations are shutting down on June 23, a PNC spokesperson told Best Life. This timing coincides with OCC regulations, which require banks to provide at least 90 days' notice ahead of closures.
Virginia will be hit the hardest, losing a total of 11 locations, followed by Texas, which is losing seven locations. New Jersey and Alabama are close behind, losing five branches and four branches, respectively. Maryland and Florida are saying goodbye to three locations each, while Kentucky, Pennsylvania, Arizona, and Ohio bid adieu to two PNC locations. California, Colorado, Illinois, Michigan, and North Carolina will lose just one location each.
It's not yet clear where the final branch will close, as the March 25 filing only confirms 46 closures. A full list of closing locations and addresses is included in the OCC bulletin.
PNC said that it "routinely evaluates" its network of locations.
In a statement provided to Best Life, PNC said that these closures are the result of regular evaluations.
"PNC recognizes that branches continue to play an important role for many customers when it comes to conducting certain transactions and holding important in-person financial conversations with our banking experts, which is why we routinely evaluate our branch network, together with our other available methods of banking, to determine if we are most effectively meeting our customers' needs," a PNC spokesperson said.
"After a careful review of our business model, PNC's strategic goals and the potential impact to our customers, the decision was made to close 47 branches on June 23, 2023. We remain committed to delivering on our purpose to move all forward financially, and we are confident that we can meet or exceed our customers' needs at nearby branch locations, alongside other available methods of banking," the spokesperson added.
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Some of the closing branches are located in grocery stores.
In July 2022, PNC Bank confirmed it would be closing 135 store-in-store locations. Brick-and-mortar bank closures are part of a national trend—as customers move toward online banking. According to the Cincinnati Business Corner, closing these stores within retailers is a separate but related trend.
The latest round of closures includes traditional freestanding branches, as well as several located within grocery stores. According to the OCC filing, in June, approximately 17 PNC Bank branches are closing at Giant, Stop & Shop, and Tom Thumb (a regional supermarket chain owned by Albertsons).
It's important to note that PNC is also opening branches this year, per the Cincinnati Business Corner, but closures outnumber new locations.
PNC closed dozens of locations in March.
According to the Cincinnati Business Corner, so far this year, PNC has announced 173 branch closures—up from 105 announced by the same point last year. The company has yet to confirm how many banks in total it plans to shutter in 2023.
In December, PNC Bank announced plans to close approximately 32 locations—and just last month, that company closed roughly 28 branches, according to March 18 regulatory filings.
- Source: https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2023/wb-03192023-03252023.pdf
- Source: https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2022/wb-12042022-12102022.pdf
- Source: https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2023/wb-03122023-03182023.pdf