The Pittsburgh-based bank doubles down on Sun Belt expansion while trimming legacy markets.
PNC Financial Services Group is intensifying its retail growth strategy across the U.S., boosting its target for new branch openings to over 300 by 2030. The expanded rollout represents an investment of roughly $2 billion, underscoring the bank’s confidence in physical locations even as digital banking dominates customer transactions.
Federal Deposit Insurance Corp. (FDIC) data shows that PNC, one of America’s fastest-growing financial institutions, has been scaling back in its home state of Pennsylvania while expanding rapidly across Sun Belt markets such as Florida, Georgia, Texas, and the Carolinas. The bank continues to close more branches than it opens, but executives say the new locations are strategically positioned to capture deposit growth in high-demand regions.
“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, PNC’s Head of Retail Banking, in a statement.
The broader industry trend mirrors PNC’s strategy. Major competitors including JPMorgan Chase, Bank of America, and Fifth Third Bank are also accelerating new branch openings. Despite a shift toward digital channels, branches remain a key driver for gathering low-cost deposits that fuel lending operations.
Over the past 12 months, FDIC data covering 2,641 branch changes shows a nationwide net decline of 545 branches, with 1,593 closings and 1,048 openings. Most closures occurred in the Northeast and Midwest, while Sun Belt states continue to see strong retail banking growth.
PNC’s recent acquisition of FirstBank is set to make it the largest bank in the greater Denver area, adding nearly 100 new retail locations. Still, overall FDIC data indicates a net contraction of 11 PNC branches nationwide in the past year, as the company consolidates in slower-growth regions such as Pennsylvania, Ohio, New Jersey, and Virginia.
The bank’s footprint currently includes approximately 2,200 branch locations. “We are constantly evaluating our branch network and can’t project an exact number of branches in the future,” a PNC spokesperson told CoStar News via email.
PNC is focusing heavily on key growth hubs:
- Nashville, Tennessee: 35 new branches planned, following its 2018 market debut
- Florida & North Carolina: 40 branches across Fort Myers, Lakeland, Sarasota, Asheville, Winston-Salem, and Wilmington
- Chicago, Illinois: Around 25 additional branches, expanding on its existing 113 locations
The expansion illustrates PNC’s long-term commitment to in-person banking experiences, strategically balanced with digital innovation and market realignment.
Source: Original reporting by Mark Heschmeyer, CoStar News.
