The death of the bank branch! PNC announces it will close nearly 30 branches after First Republic announced the closure of a quarter of its locations – Is YOUR state affected?
- The banking giant will close 29 branches in Maryland and part of Virginia
- Some 26 are located in grocery stores such as Giant Food and Stop & Shop
- First Republic also announced the closure of 21 sites this week
PNC Bank is set to close nearly 30 branches, further accelerating America’s transition to automated banking.
The financial giant is following in the footsteps of JPMorgan which yesterday announced it was closing a quarter of First Republic sites after taking over the bankrupt firm earlier this year.
It comes as America faces a cash access crisis as businesses cut branches and ATMs at lightning speed. The number of ATMs rose from 470,000 in 2019 to 451,500 at the end of 2022, according to figures from research organization Euromonitor International.
The 29 closures are targeted in Maryland and the northern part of Virginia, including 26 located at grocery stores such as Giant Food and Stop & Shop.
A spokesperson told the american sun“After careful consideration of our business model, PNC’s strategic objectives and the potential impact on our customers, the decision has been made to close approximately 127 of our in-store Giant Foods and Stop & Shop locations.”
PNC Bank set to close nearly 30 branches, further accelerating America’s transition to automated banking
PNC previously unveiled plans to automate 60% of its branches – more than 1,000 – by 2026.
In addition to the latest round of closures, it is also removing 47 sites in 15 states on June 23.
On Thursday, JPMorgan said it was cutting some 21 First Republic branches, or about 25% of sites nationwide. He did not specify which areas would be affected.
In a statement to CNN news, the banking giant said, “These locations have relatively low transaction volumes and are typically within a short drive of another First Republic office.
“Customers should expect to continue to receive the same level of service with seamless access to their money.”
JPMorgan agreed to buy First Republic’s assets last month after the government seized the regional bank.
His first job was to downsize the business, including downsizing.
The fall of the First Republic marked the second greatest banking failure in US history after following in the footsteps of Silicon Valley Bank and Signature Bank.
On Thursday, JPMorgan said it was cutting some 21 First Republic branches – about 25% of sites nationwide
US banks have been steadily automating financial services for years, but the trend has accelerated during the pandemic.
Nerves over the transmission of the virus have deterred households from exchanging cash and encouraged them to use digital payment apps such as Venmo and Block Inc.’s Cash App.
A Federal Reserve study showed a 12.4% jump in digital transactions from the first quarter of 2020 to the second.
In March, JPMorgan told the Wall Street Journal that its banks were evaluating ATM and branch hours on a case-by-case basis.
Spokeswoman Julia Tunis Bernard said: “Our customers are increasingly using digital channels and transacting at ATMs and branches less often.
“At the same time, cash withdrawal amounts have increased over the past few years, indicating that cash remains popular among customers.”
Dailymail.com has contacted PNC for comment.