BANKING
PNC plans to close more than twenty locations in the coming months: Here is the full list
The national bank, PNC, plans to close over twenty locations this year. Will you be impacted by the closures?
PNC plans to shutter over twenty branches this year in states across the country. This comes after the financial institution closed over 200 locations last year.
This information is sourced from the Office of the Comptroller of Currency, which mandates banks to report any closures or openings of bank branches. These reports are then reviewed and approved by the agency. While Chase and Bank of America usually publish the exact dates of their branch closures, PNC does not. Hence, we can provide you with the list of locations that are set to close, but unfortunately, we cannot give you the exact date of closure.
The bank has already closed three branches this year:
Where will branches close?
So far this year, the bank only plans to close one branch in Arizona, California, Florida, Georgia, Illinois, Indiana, Maryland, New Jersey, New Mexico, and Wisconsin:
Two branches will be closed in Alabama:
Michigan will also see at least two branches close this year:
Four branches, three of which are located in Pittsburgh, will be closed in Pennsylvania:
At least three locations will be closed in Texas:
Last year, PNC closed 241 locations and only opened twenty-nine, meaning there was a relatively significant net decrease in the number of branches operated by the bank. Lowering costs by reducing personal and physical presence by closing locations could be in the cards of company leaders, particularly considering the bank is anticipating a mild recession to begin in mid-2024. However, the financial outlook estimates that GDP will fall by less than one percent, and as the recession ends by late 2024, the bank expects the economy to reach inflation to fall under a two percent target set by the Federal Reserve.