PNC Bank Increases Investment in New Branch Locations and Renovations
PNC Bank increased the number of new branch locations and renovations it plans to complete over the next five years.
The bank plans to open 200 new branch locations in 12 cities and renovate 1,400 existing branches during that time, investing $1.5 billion in these projects, it said in a Friday (Nov. 8) press release.
The figures represent an expansion upon the plans for 100 new bank branch locations and 1,200 renovations PNC Bank announced in February.
The bank has more than 2,200 branches across the country, according to the release. It also serves clients through 60,000 PNC and partner ATMs, online and mobile banking platforms, its customer care center, and 22 mobile branches that serve low- and moderate-income communities and areas struck by natural disasters.
“While we offer our clients a variety of different ways to interact with us, our branches continue to be the heartbeat of our retail franchise,” Alex Overstrom, head of retail banking at PNC Bank, said in the release. “We’re beyond excited about this plan to create greater access to PNC in these important markets and ultimately to play a role in improving the financial health of our clients in the communities where our team members live and work.”
It was reported in March that two other financial institutions — J.P. Morgan Chase and Bank of America — were placing heavy bets on the appeal of brick-and-mortar bank branches.
At the time, J.P. Morgan planned to add 500 more locations over the next three years to the nearly 5,000 it already operates, and Bank of America planned to open outlets in four more states, giving it a physical presence in 39 states.
Both banks said at the time that physical locations give consumers a place to go when they want to discuss loans or seek financial advice.
Bank branches can become “magnets” for financial education, especially where complex, high-value transactions like mortgages are concerned, Splitit CEO Nandan Sheth told PYMNTS in an interview posted in March.
Today’s branches are informed and complemented by digital devices, enabling the personalized, omnichannel approach that clients value, Sheth said.
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