PNC Bank to invest further $500m to expand US branch network
US banking giant PNC Bank has announced a $500 million boost to its branch investment scheme as it looks to further expand its network across the country.
PNC plans to open more than 200 new branches over the next 5 years
In February, PNC Bank initially announced plans to invest $1 billion to open more than 100 new branches and renovate more than 1,200 current locations by 2028.
With this new $500 million boost, the bank now aims to invest a total of $1.5 billion to open more than 200 new locations across 12 US cities and renovate 1,400 existing branches “over the next five years”.
Along with the previously planned expansions in Dallas, Denver, Miami, Houston, San Antonio, and Austin, PNC is now set to grow its branch network in Orlando, Atlanta, Phoenix, Raleigh, Charlotte, and Tampa. The bank also announced plans to “meaningfully expand” the number of new branches it will open in Miami.
Headquartered in Pittsburgh, Pennsylvania, PNC boasts the fourth-largest branch network in the US with currently over 2,200 branches, offering services through online and mobile banking platforms, its customer care centre, and over 60,000 ATMs.
Alex Overstrom, head of retail banking at PNC Bank, states that “branches continue to be the heartbeat of our retail franchise,” adding that this initiative is designed to create “greater access to PNC in these important markets” and improve the “financial health of our clients in the communities where our team members live and work”.
