PNC Bank boosts branch expansion drive by 100, bringing total investment to $2B

[The sign for the PNC bank in Bradford, Pennsylvania, USA]
Althom

PNC Financial (PCN [https://seekingalpha.com/symbol/PCN]) plans to add more than 300 new branches [https://seekingalpha.com/pr/20298807-pnc-bank-increases-new-branch-openings-to-more-than-300-by-2030] by 2030, boosting its previous plan by 100 branches and increasing its total branch investment to ~$2B, the bank said on Friday.

The additional branches, in markets such as Nashville, Chicago, Sarasota, and Winston-Salem, extends the company's expansion efforts to almost 20 markets across the U.S.

PNC Financial (PNC [https://seekingalpha.com/symbol/PNC]) stock rose 1.1% in Friday premarket trading.

It's the latest bank doubling down on its brick-and-mortar footprint to reinforce in presence in growing markets to draw in customers. JPMorgan Chase (JPM [https://seekingalpha.com/symbol/JPM]), Bank of America (BAC [https://seekingalpha.com/symbol/BAC]), and Fifth Third Bancorp (FITB [https://seekingalpha.com/symbol/FITB]) have also charged up their branch expansion plans.

"The build-out of these 300 new branches allows us to deliver our unique blend of hospitality and financial advice to more clients in more neighborhoods across the country," said Alex Overstrom, head of Retail Banking at PNC. "It's about making PNC the most convenient bank in each of these markets, ensuring we can meet people where they are and help them thrive."

PNC (PNC [https://seekingalpha.com/symbol/PNC]) also reaffirmed its plan to complete the renovation of 100% of its branch network by 2029. To support the retail expansion, PNC plans to hire more than 2,000 new employees.

The bank is adding 25 branches to its existing 113 locations in the Chicago market, and 35 new branches to its presence in Nashville. It also plans to build 40 more branches in six cities in the Southeast, including Fort Myers, Lakeland, Sarasota, Asheville, Winston-Salem and Wilmington, N.C.

More than 200 of the branches will be added to strategic growth markets, including Atlanta, Austin, Charlotte, Dallas, Houston, Miami, Orlando, Raleigh, San Antonio, and Tampa, the bank said.

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