PNC shedding more branches, now 75% toward 2021 consolidation goal

PITTSBURGH — Pittsburgh’s biggest bank plans to close another seven branches which, when added to the 14 revealed last week in a regulatory filing, brings the batch to 21, or the year-to-date tally to 89. That’s 75% of the way to a previously stated goal with a third of 2021 yet to unfold.

PNC Financial Services Group Inc.’s latest sites on the chopping block are in Brentwood, Missouri; Bridgeville and Wilmington, Delaware; Indianapolis; North Brunswick, New Jersey; Springfield, Illinois; and Lansing, Michigan. The 14 closure applications filed with the Office of the Comptroller of the Currency last week focused chiefly on Alabama and overlap due to the recently completed acquisition of Houston-based BBVA USA Bancshares, although one was in Warren, north of Pittsburgh.

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PNC (NYSE:PNC) said last fall it expected to close 120 branches in 2021 as more customers shift to digital transactions, a continuing trend that accelerated during the early months of the Covid-19 pandemic. That was before the November announcement of the BBVA deal, but If targets have changed, they haven’t been disclosed publicly.

Read more from our news partners at the Pittsburgh Business Times.

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