Pittsburgh — PNC Bank plans to invest approximately $1 billion to open more than 100 new branches and renovate 1,200 existing locations by 2028. Expansion plans call for new locations in key cities such as Austin, Dallas, Denver, Houston, Miami and San Antonio, among others, to establish a coast-to-coast network.
According to PNC Bank, the goal of the renovations is to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals.
PNC Bank is a member of The PNC Financial Services Group Inc. (NYSE: PNC), which is headquartered in Pittsburgh. PNC bank currently has approximately 2,300 brick-and-mortar locations across the country, in addition to 60,000 PNC and partner ATMs. According to Forbes Advisor, PNC Bank is the sixth largest bank in the country, with $553 billion in total assets.
“As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country,” says Alex Overstrom, head of PNC Retail Banking.
PNC Bank’s announcement comes on the heels of last week’s news that JPMorgan Chase has made a multi-billion dollar investment in its own branch network. JPMorgan Chase plans to build more than 500 new branches, renovate 1,700 locations and hire 3,500 employees over the next three years. JPMorgan Chase is the largest bank in the nation, with $3.3 trillion in assets and more than 4,800 total branches, according to Forbes Advisor.
PNC’s stock price opened at $148.42 per share this morning, down from $158.30 one year ago but significantly higher than during most of the last 12 months. The company hit a 12-month low of $109.71 on Oct. 23, 2023.
— Channing Hamilton