PNC to Close 135 In-Store Branches

PNC Financial Services Group (Pittsburg) is shuttering 135 of its in-store banking branches at ShopRite, Giant and Stop & Shop supermarkets throughout the East Coast, reports the Pittsburgh Business Times. The closings throughout Pennsylvania, Maryland, New Jersey, Delaware and Washington, D.C., come as more banks shed brick-and-mortar services. In the wake of Covid and call for social distancing, many temporary closings have also become permanent.

PNC was far from alone in its closing of 109 branches in 2021. Wells Fargo (San Francisco) saw the most closures in 2021 axing 267 branches, followed by U.S. Bank with 257 closures, the FDIC reports. While traditional branches have been hobbled by streamlined hours and locations, they have seen fewer closures than branches at retailers.

PNC plans to convert 60 percent of its financial network to an automated model by the end of 2026. The bank currently operates in 27 states and the District of Columbia, with 2629 branches and 9523 ATMs.  The planned 135 closures will continue to take place throughout 2023. The decision was made after a careful review of its business model and customer banking trends, according to PNC. As part of its renewed footprint, PNC is planning new “ultra-light” branches which place staffed “solutions centers” within a 30-minute drive of 80 percent of a city’s population.

“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,” says PNC.