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PNC Financial (PNC) Plans to Invest $1B in 100 New Branches

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The PNC Financial Services Group, Inc. (PNC - Free Report) has announced plans to make an investment of $1 billion to open more than 100 branches and renovate above 1,200 existing locations by 2028. With this, the bank is poised to improve its branch network and extend access to banking services for its customers and communities nationwide.

Such expansion moves will enable PNC to bolster its presence in key locations, including Austin, Dallas, Denver, Houston, Miami and San Antonio. With this, the bank will boost the reach of its coast-to-coast branch network. 

Apart from new branch openings, PNC Financial is also focusing on the renovation of its existing locations across the country, aiming to upgrade its customer experience. This will likely augment its retail banking business, which is a major revenue source for PNC.

Head of PNC Retail Banking, Alex Overstrom, stated, "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."

With addition of these new branches, PNC Financial will solidify its position as one of the largest retail banks in the United States. The bank already has roughly 2,300 brick-and-mortar locations across the country. Further, it serves its customers through more than 60,000 ATMs nationwide as well as through online and mobile banking platforms and its customer-care centers.

Despite the proliferation of mobile and online banking options, PNC recognizes the enduring value of physical branches in driving customer engagement and loyalty. The bank's aggressive expansion plans underscore its commitment to broadening its footprint and serving communities where it is underrepresented.

PNC shares have rallied 20.5% over the past six months compared with 14.8% growth for the industry.

 

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At present, PNC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Apart from PNC Financial, other major banks in the United States are investing in expanding branch network, representing a significant step toward democratizing access to financial services and fostering economic growth. Last week, JPMorgan (JPM - Free Report) announced plans to open more than 500 branches, renovate 1,700 locations and hire 3,500 employees by 2027. With this, the company is poised to bring affordable and convenient financial services to communities nationwide.

The expansion will see JPM foraying into several new markets, including low-to-moderate income and rural communities with limited access to banking services. The company will continue to bolster its presence in key locations such as Boston, MA, Charlotte, NC, the Greater Washington region, Minneapolis, MN and Philadelphia, PA.

Bank of America (BAC - Free Report) is set to open financial centers in both new and existing markets. By 2026, the company plans to expand its financial center network into nine new markets, bringing its services to more clients and communities.

Over the next four years, BAC will open 34 financial centers in these new markets — five in Omaha, five in Louisville, four in Boise, five in Birmingham, three in Madison, five in New Orleans, five in Milwaukee and one each in Dayton and Huntsville. In addition to its new market expansions, the company is focused on optimizing its retail banking presence in well-established markets.


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