The PNC Financial Services Group, Inc. PNC has announced plans to increase its branch investment by $500 million to open more than 100 additional branches and renovate 200 existing locations across the United States. This was followed by the bank’s announcement in February 2024 to invest $1 billion to open more than 100 branches and renovate more than 1,200 existing locations by 2028.
The increased investment brings PNC’s total investment to nearly $1.5 billion to open more than 200 new branches across 12 U.S. cities and renovate 1,400 existing locations over the next five years.
PNC plans to expand its branch network throughout Atlanta, Charlotte, Orlando, Phoenix, Raleigh and Tampa, with additional new branches planned specifically for Miami. Each new branch will have a team of highly skilled bankers to address clients' unique financial needs and support their financial goals.
PNC’s Extensive Branch Network
At present, PNC Financial has the fourth largest branch network with more than 2,200 across the United States. Further, PNC serves its customers through more than 60,000 ATMs nationwide as well as through online and mobile banking platforms and its customer-care centers.
The company also owns 22 mobile branches that partner with community organizations to take banking access to low-and-moderate-income communities, as well as taking services to areas affected by natural disasters.
PNC Financial’s Expansion Into Key Markets
The additional expansion of branches follows PNC's previously announced plan from February 2024 to strengthen its coast-to-coast presence in key cities, including Austin, Dallas, Denver, Houston, Miami and San Antonio.
With this, the bank is poised to improve its branch network and extend access to banking services for its customers and communities nationwide.
Alex Overstrom, head of Retail Banking at PNC Bank, stated, "We fully understand that our branches play a crucial role in how we provide solutions and financial advice to the millions of clients that walk through our doors each month. Building on the scale of our current platform, today's announcement further underscores our commitment to continuously invest in our branch network and empower our clients with convenient, in-person access to local financial experts."
Parting Thought on PNC Financial
By expanding its presence in key growth markets, PNC Financial is likely to witness an increase in its customer base, positioning the bank for sustained growth and solidifying its position as one of the largest retail banks in the United States.
PNC Financial’s Price Performance and Zacks Rank
PNC shares have rallied 29.1% over the past six months compared with 19.7% growth for the industry.
Image Source: Zacks Investment Research
At present, PNC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Steps Taken by PNC’s Peers
In September 2024, Bank of America BAC announced plans to open more than 165 new financial centers by 2026-end, with nearly 40 branches set to open in 2024.
This move aligns with BAC's commitment to broaden its retail presence and offer enhanced in-person services. The latest openings include Bank of America's first financial center in Louisville, KY, with plans to establish four additional centers by 2025.
In May 2024, Wells Fargo WFC announced to renovate and modernize its branches, evolving the in-person banking experience and helping its clients meet their financial goals.
This initiative includes an expansion of WFC’s mobile and digital banking options, along with updated ATMs featuring cardless access and a wider range of cash withdrawal denominations.
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