PNC is pulling the plug on another 47 branches across 14 states, according to new regulatory filings that were confirmed March 30 by the bank.
The Pittsburgh-based financial giant will close seven branches in Texas, including one in Austin and three in the Dallas-Fort Worth area. Other impacted states include Alabama, Arizona, California, Colorado, Florida, Illinois, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania and Virginia.
All will close on June 23, PNC said.
Virginia is the hardest-hit, with 11 planned closures. PNC is also culling five branches in New Jersey and four in Alabama. Some 16 of the closures are located within supermarkets, largely in Virginia and New Jersey.
The latest disclosure brings PNC branch cuts so far this year to 173, easily beating the 105 the bank closed during the first half of 2022. That’s an increase of almost 64%.
PNC has not said how many branches it expects to close in 2023, nationally or locally. And it continues to add branches, though these are outpaced by cuts.
PNC Financial Services Group Inc. (NYSE:PNC) is the nation’s sixth-largest bank by assets and No. 6 in the Austin metro by deposits. Like most banks, it has been revising branch locations for more than a decade due to evolving customer preferences and overlap from acquisitions.
At present, PNC has around 2,600 branches nationwide. There were 26 in the Austin metro as of June 30, 2022, according to Federal Deposit Insurance Corp. data.
PNC provided the following statement:
“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. 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 those locations. 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.”
Many of the 2023 cuts are specialized and follow another industry trend — pulling out locations within retailers such as supermarkets.
In July, PNC told Pittsburgh Business Times that it would close 135 in-store branches in waves during 2023, chiefly in New Jersey, Virginia, Maryland and Delaware. This started in January. The majority, or 127, are inside Giant Foods and Stop & Shop stores. Another eight will close within ShopRite grocery stores in certain areas of Pennsylvania. None of these are in the Pittsburgh region. Since filings list a mix of in-store and regular branches, PNC still has a way to go toward its goal.
Here are the Texas locations of PNC’s latest planned branch closures:
• 4841 Colleyville Blvd., Colleyville,
• 101 N. Shoreline Blvd., Corpus Christi
• 301 Congress Ave., Austin
• 14280 Marsh Lane, Addison
• 1859 Kingwood Dr., Kingwood
• 848 W. Spring Creek Parkway, Plano
• 900 Washington Ave., Waco