Is PNC Closing Branches? Yes! PNC announced it will close its hundreds of branches in 2023. We know this news has shaken everyone’s heads.
Yeah! Let’s get to the point and read this blog further to learn more about PNC Closing Branches and many more.
PNC decided to close 203 branches in 2023. Additionally, it closed 135 in-store locations last year.
After having this news, we know your thoughts are alike; why is PNC closing its branches? Do these branch closures affect customers? How many branches of PNC are still there? And all. Right…
If yes, then what are you worrying about? Here we’ve covered all these. The Plus Point is that these points are along with several others. We hope you are curious about it all.
Let’s get rolling!!
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KEY HIGHLIGHTS:
- Since 2012, PNC closed many branches in the United States.
- In 2023, PNC announced it would close 203 branches across the country. (PNC stands for Provident National Corporation)
- PNC Branches Closure does not mean there is a financial issue.
- To focus on online banking and match up with the ongoing trend. PNC is closing branches.
As usual, we would like to briefly introduce PNC Bank before starting this blog! Hope you all are also curious to know about it!!
about pnc bank
The PNC is an American bank and part of the PNC Financial Services Group, Inc.
The PNC Financial Services Group Inc. is a financial services corporation that holds American banks. PNC Financial Services Group, Inc, in Pittsburgh, Pennsylvania.
PNC Bank runs over 2,500 branches and 9,500 ATMs in more than 25 states and the District of Columbia. Due to this, it became one of the largest banks in the United States. PNC Bank also counts in a list of the largest banks across the country.
Provident National Corporation and Pittsburgh National Corporation were the two leading companies. Later in 1983, both bank companies combined and gave birth to PNCs.
PNC funded the first mortgage through which PNC opened its office nationwide.
What Services The Company Provides
The company PNC Financial Services Group Inc. is famous for its services. It offers loan servicing, wealth management, asset management, information processing, and estate planning.
PNC also provides asset-based lending to middle-market companies and private equity firms. All in all, PNC offers all the financial services in the United States.
PNC is the sixth-largest Bank in the United States. It is also considered one of the largest credit card issuers and Small Business Administration lenders across the country.
PNC ranked as the second lead arranger of asset-based loan syndications. Ranked first when it comes to treasury management business in the United States.
Why Is PNC Closing Branches?
PNC is closing its branches in 2023, as more customers prefer to use services on mobile phones, whether it is a banking service or shopping.
To focus on digital financial services, PNC Bank closed its hundreds of brick-and-mortar banks nationwide in 2023.
If we check out PNC’s statement, it wants to serve its customers best.
PNC branches play a very important role in conducting certain transactions. To serve its customers best, it is closing several branches in the United States.
The statement concluded, “It is true, we are shutting down PNC branches. We are guaranteed to give all services to our customers. We also offer all the facilities that match all the customers’ requirements. Their preferences and needs will all be considered. Additionally, other methods of banking will also be provided.”
On the New York Stock Exchange, shares in the group trade in the name of PNC. On the closing day, the prices were 130.25 US dollars. The company’s market capitalization is 52.1 billion U.S. dollars.
When making an announcement, the Pittsburgh-based Bank stated, “We are closing branches, and it is part of our larger strategy.”
One of the PNC Bank spokespeople stated, “After noticing every step, we decided to close approximately 47 branches by June 23, 2023, in the United States.”
Also added, “Even though we are committed to providing all the facilities to our customers, this move will not impact them. We are assured that we’ll be able to meet customers’ needs at the available branches.”
How Many PNC Branches Set To Be Close In 2023?
Along with the question, “Why is PNC Closing Branches?”, “How many PNC Branches closing in 2023?” is also a raising question in many minds.
By June 23, it is believed that PNC decided to close more branches in 15 states; 47 more branches will also be added to the list of closed branches.
Will only seven states in the U.S. be affected? So, the answer is NO! Because other states are also a part of this closing plan. For Example, Pennsylvania, Ohio, North Carolina, New Jersey, Michigan, and Kentucky. California, Colorado, and Arizona.
Is PNC Closing Branches In Maryland?
Yes, PNC is closing branches in Maryland. But do you know? How many branches are closing? So, nine branches are supposed to close in Maryland in 2023.
The PNC Financial Services Group Inc. announced that they are shedding all nine branches, out of which eight are situated in Montgomery County, in Giant Food Grocery Stores.
In Southern Maryland, In November, it closed five branches at Howard County Giant. Later, six giant stores were closed last year in the mid of December.
Besides, eight more branches were also at stake in Baltimore County Giant stores.
Is PNC Closing Branches In Florida?
According to FDIC reports, PNC has more than 2,600 branches across the country, of which 61 are in South Florida.
This critical move of PNC affected most of the states in the U.S.
Florida is one of them where three locations were affected. One branch is located in central Florida, i.e., 238 S. Orlando Ave. in Maitland.
Which PNC Branches Are Closing In Virginia?
Eleven branches have been set to close in Virginia by the PNC Bank. Let’s lighten those branches that have been shut down in Virginia. These are as follows:
- 6360 Seven Corners Center, Falls Church
- 13330 Franklin Farm Rd., Herndon
- 1230 W. Broad St., Falls Church
- 10864 Sudley Manor Dr., Manassas
- 2964 Chain Bridge Rd., Oakton
- 2932 Chain Bridge Rd., Oakton
- 13043 Lee Jackson Memorial Highway, Fairfax
- 5740 Union Mill Rd. Clifton
- 14125 Saint Germain Dr., Centerville
- 9400 Fairfax Blvd., Fairfax
- 7235 Arlington Blvd., Falls Church.
What PNC Branches Are Closing In Phillipsburg?
PNC Bank has closed several branches; two were reported in Western New Jersey. On April 21, PNC shut down the Stop & Shop in Pohatcong Plaza on Route along with the other branch at the Flemington Stop & Shop on Route 31, Hunterdon County.
Both branches were confined to the PNC at 755 Memorial Parkway in Phillipsburg and 240 U.S. 202/ 31, respectively.
What PNC Branches Are Closing In Texas?
PNC announced it would close seven branches in Texas. PNC Branches located in Texas are set to close by June 2023, including:
- 14280 Marsh Ln; Addison
- 10457 Montwood Dr; El Paso
- 900 Washington Ave; Waco
- 4841 Colleyville Blvd; Colleyville
- 301 Congress Ave; Austin
- 848 W Spring Creek Parkway; Plano
- 101 N Shoreline Blvd; Corpus Christi.
What PNC Branches Are Closing In Alabama?
According to reports, it is noted that PNC decided to close locations in Alabama, and the four branches are set to close there in 2023.
Branches that are set to be closed in Alabama include:
- 505 20th St. N., Birmingham
- 500 E. Patton Ave., Montgomery
- 4823 Overlook Rd., Mobile
- 2641 Valleydale Rd., Birmingham.
What Happens If Your Branch Closes?
With the closure of PNC branches, customers should not need to be concerned in any way. Since 2012, people have been believed to rank mobile and digital banking trends rather than in-person banks.
Since 2012, it was not receiving good foot traffic, and customers were not mad at it. So, it did not try to reopen those branches.
In a nutshell, if you think there will be a huge loss to you if the branch closes. Then we would like to tell you no worries. It is all prepared, as it offers online banking facilities to its clients, and clients prefer online banking to offline banking.
Moreover, since 2012, the Bank has noted uniform growth after it started closing branches in that year. Let’s contemplate the total income and deposits of the Bank since it initiated the step to close branches.
In 2012, it reported 3 billion U.S. dollars, in total income and 213 billion U.S. dollars, in total deposits.
While in 2022, it reported total revenue of 6.1 billion U.S. dollars and total deposits of 436 billion U.S. dollars.
Compared to Bed Bath & Beyond, PNC is not struggling with the financial issues that led to the closure of thousands of branches. Its closure boosts PNC’s total income and deposits for more than ten years, and it is flourishing its business.
It is believed that Americans need to be in a state to trust the banking system, as they all are losing trust. But still, they deposit and trust the PNC bank and deposit more of their money.
Clients entrust the PNC bank as it looks more stable and always seems prepared for financial stress.
If we look at the ratio, this Bank holds out against any financial issue. The higher ratio represents that it has enough money to tackle financial stress, and no repercussions can damage it.
Yet, the banking industry holds a ratio of 7 percent. At the same time, PNC has around 9.2 percent, considered a much higher ratio in March.
We have concluded this by the recorded data of 2023. Due to the post-banking crisis, In 2023, customers’ trust in the banks faded. But PNC built up customers’ trust, and they invested more money.
In 2023, there was an increase of 1.3 billion U.S. dollars in total deposits. The net income graph was also raised by 9 percent quarter to quarter.
How Many PNC Locations Are There?
As mentioned above, the PNC is a crucial part of an American Bank holding company named PNC Financial Services Group, Inc. It operates around 2,629 branches and 9,523 ATMs in 27 states along with the District of Columbia.
It also has international branches. The PNC, Countries such as China, Germany, Canada, and the United Kingdom also maintain offices in other countries.
PNC has thousands of locations in the U.S. It operates a large network of approximately 60,000 PNCs, partnered ATMs, telephonic and online, thousands of trained and highly qualified bankers, and mobile banking channels.
The PNC bank offers the best service to its customers and provides the solutions they must move forward financially.
The Final Words On PNC Closing Branches
We’ve concluded that a popular bank PNC has announced plans to close hundreds of its locations in 2023.
Out of which, 47 branches are set to close in seven states by this summer (June 23, 2023), including:
There are 11 branches in Virginia, 4 in Alabama, 9 in Maryland, 5 in New Jersey, and 7 in Texas.
PNC has a total asset of 552 billion U.S. dollars and accommodation for more than 13 million customers in the United States.
It is sad, but we must accept that PNC is closing its branches. According to Pittsburgh Business Times, On April 21, PNC declared that it would close its 30 branches in seven states that consist of:
Florida, Maryland, Texas, Ohio, Virginia, Alabama, and Illinois.
Altogether, there is a closure of more than 200 branches in these states expected in 2023.
Although, PNC waited to make this announcement, as they had announced the branches’ closure three months before.
The announcement on April 21 means the Branches are supposed to close till July 21. Other branches that PNC announced in early March will soon close in June.
PNC has closed thousands of branches so far, and hundreds of its branches are expected to be closed in 2023.
But you should not be concerned about PNC bank closures. Your Bank is not in a dubious state.
REF. LINKS:
- https://news.yahoo.com/pnc-closing-30-more-branches-164259262.html
- https://www.fool.com/the-ascent/banks/articles/pnc-is-closing-203-banks-in-2023-should-you-be-concerned/#:~:text=PNC%20will%20close%20at%20least,clients’%20preference%20for%20mobile%20banking.
- https://bestlifeonline.com/pnc-closing-30-more-branches-july-news/#:~:text=Seven%20states%20are%20losing%20PNC%20branches.&text=Branches%20are%20shuttering%20in%20seven,the%20April%2022%20weekly%20bulletin.
- https://www.wftv.com/news/trending/pnc-bank-set-close-47-branches-across-us-by-end-june/ORMRPWERY5B4PLG4ZVCTS4YF2Y/
- https://original.newsbreak.com/@ash-jurberg-560946/2979684181941-banking-blues-popular-bank-closing-branches-in-alabama
- https://original.newsbreak.com/@ash-jurberg-560946/2979626843883-virginia-bears-the-brunt-of-popular-bank-s-latest-closure-announcement
