January 1, Nationwide Bank to Shut Down Nearly 50 Branches This Summer

Are you a bank customer who relies on in-person banking? If so, you may want to take note.

PNC Bank, one of the largest financial institutions in the United States, has recently announced plans to close 47 branches across 15 states, leaving customers in those areas with fewer options for in-person banking.

While many customers have embraced the convenience of banking apps on their smartphones, sometimes it’s just easier (and necessary) to talk to a teller face-to-face. With these closures, PNC Bank is forcing its customers to drive farther for those important transactions. Keep reading to find out which locations are affected and what this means for you.

A PNC spokesperson confirmed that the bank will be closing 47 branches across 15 states on June 23, 2023. The bank cited “regular evaluations” as the reason for the closures, stating that it routinely evaluates its branch network to determine whether it is effectively meeting the needs of its customers.

Virginia will be the hardest hit state, with a total of 11 branch closures, followed by Texas with seven, and New Jersey and Alabama with five and four closures respectively. Maryland and Florida will each lose three locations, while Kentucky, Pennsylvania, Arizona, and Ohio will see two PNC locations close. California, Colorado, Illinois, Michigan, and North Carolina will each lose one location.

The closures will affect both traditional freestanding branches and those located within grocery stores. Approximately 17 PNC Bank branches located within Giant, Stop & Shop, and Tom Thumb grocery stores will be closing in June.

According to PNC Bank, it recognizes that branches continue to play an important role for many customers when it comes to conducting certain transactions and holding important in-person financial conversations with banking experts. However, the bank also acknowledges that the trend towards online banking is impacting its brick-and-mortar operations.

“PNC recognizes that branches continue to play an important role for many customers when it comes to conducting certain transactions and holding important in-person financial conversations with our banking experts, which is why we routinely evaluate our branch network, together with our other available methods of banking, to determine if we are most effectively meeting our customers’ needs,” a PNC spokesperson said in a statement.

“After a careful review of our business model, PNC’s strategic goals and the potential impact to our customers, the decision was made to close 47 branches on June 23, 2023. We remain committed to delivering on our purpose to move all forward financially, and we are confident that we can meet or exceed our customers’ needs at nearby branch locations, alongside other available methods of banking.”

PNC Bank is also opening new branches this year, but closures outnumber new locations. So far this year, the bank has announced 173 branch closures, up from 105 at the same point last year. The company has yet to confirm how many banks it plans to shutter in 2023.

This news follows PNC Bank’s announcement in July 2022 that it would be closing 135 store-in-store locations, a separate but related trend according to the Cincinnati Business Corner. In December, PNC Bank announced plans to close approximately 32 locations, and in March 2023, the company closed about 28 branches.

PNC Bank customers who will be affected by the closures are advised to contact their local branch or the bank’s customer service team for assistance.

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Source: Best Life