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Glenn Wilkin - Wednesday, February 14, 2024
PNC Invests $1B in Nationwide Banking Network
PNC Bank (NYSE:PNC) shares gained Wednesday as the banker announced a significant investment in its branch network aimed at extending access to banking services and financial expertise for customers and communities across the country. The plan includes an approximate $1 billion investment to open more than 100 new locations and renovate more than 1,200 existing locations through 2028.
Through this investment, PNC will build and open new branches in key locations, including Austin, Dallas, Denver, Houston, Miami, and San Antonio, among others, improving the convenience and reach of its coast-to-coast branch network. In addition to building new branches, the bank is renovating existing locations across the country to create a better customer experience when conducting transactions or meeting with bankers to discuss financial goals.
"Our branch network is the heartbeat of our Retail business, offering friendly and convenient service to the millions of customers who step through our doors every single month," said Alex Overstrom, head of PNC Retail Banking. "Whether to finance a home, deposit a check, or save for retirement, our customers count on our 15,000 branch team members to support their holistic financial needs. By investing in our network, we are supporting our customers, our team members, and the communities where we live and work."
PNC currently has approximately 2,300 brick-and-mortar locations across the country. In addition, the bank serves customers through more than 60,000 PNC and partner ATMs nationwide as well as through online and mobile banking platforms and its customer care center.
PNC shares took on $1.45, or 1%, to $146.71.
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