PNC Announces It Will Close Nearly 30 Branches – Is Your State Affected?
The death of the bank branch! PNC Announces It Will Close Nearly 30 Branches After First Republic Said It Will Close A Quarter Of Its Locations – Is YOUR State Affected?
- Banking giant is closing 29 branches in Maryland and part of Virginia
- About 26 are located in supermarkets such as Giant Food and Stop & Shop
- First Republic also announced that it is closing 21 locations this week
PNC Bank will close nearly 30 branches, further accelerating America’s transition to automated banking.
The financial giant is following in the footsteps of JPMorgan, which yesterday announced it was closing a quarter of its First Republic locations after acquiring the bankrupt company earlier this year.
It comes as America faces an access to cash as companies are phasing out branches and ATMs at lightning speed. The number of ATMs fell from 470,000 in 2019 to 451,500 at the end of 2022, according to figures from research organization Euromonitor International.
The 29 closures are targeted in Maryland and the northern part of Virginia, with 26 in supermarkets such as Giant Food and Stop & Shop.
A spokesperson told the American sun: ‘After careful evaluation of our business model, PNC’s strategic goals and the potential impact on our customers, it was decided to close approximately 127 of our Giant Foods and Stop & Shop stores.’
PNC Bank will close nearly 30 branches, further accelerating America’s transition to automated banking
PNC previously revealed plans to automate 60 percent of its affiliates — more than 1,000 — by 2026.
In addition to the latest round of closures, it will also scrap 47 locations in 15 states on June 23.
On Thursday, JPMorgan said it would cut some 21 First Republic branches — about 25 percent of its locations nationwide. The areas involved were not specified.
In a statement to CNN news, the banking giant said, “These locations have relatively low transaction volumes and are generally within a short drive of another First Republic office.
“Customers should expect to continue to receive the same level of service with seamless access to their money.”
JPMorgan agreed to buy First Republic’s assets last month following the government’s seizure of the regional bank.
The first task was to downsize the company, including by cutting staff.
First Republic’s demise marked the second largest bank failure in US history, following in the footsteps of Silicon Valley Bank and Signature Bank.
On Thursday, JPMorgan said it would cut some 21 First Republic locations — about 25 percent of locations nationwide
U.S. banks have been steadily automating financial services for years, but the trend was accelerated during the pandemic.
Nerves surrounding the transmission of the virus discouraged households from exchanging cash and encouraged them to use digital payment apps such as Venmo and Block Inc.’s Cash App.
A Federal Reserve study showed a 12.4 percent increase in digital transactions in the first quarter of 2020 over the second.
In March, JPMorgan told the Wall Street Journal that its banks review ATM and branch hours “on a case-by-case basis.”
Spokeswoman Julia Tunis Bernard: ‘Our customers are increasingly using digital channels and transacting less often at ATMs and in branches.
At the same time, cash withdrawal amounts have increased in recent years, indicating that cash remains popular among customers.
Dailymail.com reached out to PNC for comment.