MULTIPLE locations of the popular Pennsylvania-based bank PNC have plans to close this year.
PNC Bank announced it will shutter 32 locations throughout the US in 2023 as the bank sees more customers transitioning to online banking.
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The bank is closing brick-and-mortar locations by March.
According to December filings with The Office of the Comptroller of the Currency, stores in 10 different states are closing.
The OCC requires at least 90 days of notice before a bank location closes permanently, green lighting the closings for mid-March.
LATEST ROUND OF CLOSURES
Several states are affected with the latest round of closures. Some cities will see more than one location close.
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Alabama
- Birmingham
- Montgomery
- Prichard
- Tuscaloosa
Arizona
- Glendale
Florida
- Clermont
Illinois
- Lombard
- Peoria
Indiana
- Indianapolis
- Nashville
Maryland
- California
- Dunkirk
- LaPlata
- Lusby
- Oxon Hill
- Waldorf
Pennsylvania
- Easton
- Pittsburgh
- Vandergrift
- Wilkes-Barre
North Carolina
- Wake Forest
Texas
- El Paso
- Houston
- San Antonio
- Stamford
Virginia
- Alexandria
- Burke
- Springfield
THE LARGER TREND
PNC had 2,600 locations in the US before 2020.
It's gone through several cuts each year since.
Bill Demchak, CEO of PNC Bank, has said people can expect the bank to, "...thin out our network."
The upcoming closures are part of PNC Bank's larger plan.
In 2021, it announced plans to close approximately 135 stores nationwide.
Many of the locations that have already closed were conjoined with grocers Giant Food and Stop & Shop.
Almost all of those locations were on the East Coast - unlike the new round of dispersed closings.
Executives at the bank maintained that the closures were just a recognition of shifting customer needs.
"Providing the right mix of digital tools and experiences with the more personalized human interaction and expertise that today’s customers seek is key to PNC’s strategy," PNC's website said in a post about store closings.
"This balance is the underpinning of a multi-year conversion that PNC is embarking on to evolve its branch locations and create a more substantive in-branch customer experience."
According to the website, the bank will continue to close locations through 2026.
TREND IN RETAIL
There has been a shift in customer demands since the beginning of the Covid-19 pandemic.
Online shopping is exploding in popularity, especially among Gen Z buyers.
The trend is demonstrably bad for brick-and-mortar locations, as shoppers spend elsewhere.
Giant brands like Bed Bath & Beyond and Jo-Ann Stores have struggled to keep up with trends, forcing hundreds of nationwide store closures.
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With the rising inflation costs, discount brands such as Aldi and Lidl have filled the void left by giant retailers.
