PNC to Close 20 Branches Across Footprint
PITTSBURGH – PNC Financial Services Group has filed to shutter 20 branches across eight states as part of a consolidation plan.
None of the branches are local. According to filings on record at the Office of the Comptroller of the Currency, the closings are at branches in Ohio – in Columbus, Toledo, Sylvania and Lancaster – Texas, Missouri, Indiana, Illinois New Jersey, North Carolina and Pennsylvania, including two in Pittsburgh.
The closures are part of a plan outlined by President and CEO Bill Demchak in September that called for closing 120 branches this year, following the 160 in 2020.
“You will see us continue to thin out our network,” Demchak said at a virtual conference. “For that to work, your digital sales have to pick up at a pace that offsets the sales you would get at the branches you are closing. So far, that is happening and then some.”
The coronavirus pandemic has accelerated the adoption of digital banking among customers. PNC said that in the fourth quarter of 2020, 77% of consumer customers used digital channels for the majority of their transactions and that ATMs and mobile apps were 66% of total deposit transactions.
In its fourth quarter earnings report, PNC reported 2,162 branches, about 130 fewer than in the same period of 2019. It also has 8,900 ATMs, down from 9,091 at the close of 2019.
Copyright 2022 The Business Journal, Youngstown, Ohio.