Posted on 06/03/2023 3:21:59 AM PDT by Libloather
PNC Bank is set to shut almost 30 branches, further accelerating America's transition to automated banking.
The financial giant follows in the footsteps of JPMorgan which yesterday announced it was closing a quarter of First Republic locations after it took over the failed firm earlier this year.
It comes as America faces an access to cash crisis as firms axe branches and ATMs at lightning speed. The number of cash machines fell from 470,000 in 2019 to 451,500 at the end of 2022, according to figures from research body Euromonitor International.
The 29 closures are targeted in Maryland and the Northern part of Virginia, with 26 located in grocery stores such as Giant Food and Stop & Shop.
A spokesman told the US Sun: 'After a careful review of our business model, PNC's strategic goals and the potential impact to our customers, the decision was made to close approximately 127 of our Giant Foods and Stop & Shop in-store branches.'
PNC previously unveiled plans to automate 60 percent of its branches - more than 1,000 - by 2026.
On top of the latest round of closures, it is also axing 47 locations across 15 states on June 23.
On Thursday, JPMorgan said it was axing some 21 First Republic branches - around 25 percent of locations nationwide. It 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 generally within a short drive from another First Republic office.
'Clients 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 following the regional bank's seizure by the Government.
(Excerpt) Read more at dailymail.co.uk ...
Cool. That’d be a long trip to do banking. Lol.
During the so called Covid crisis our bank closed 2 branches.
One was a full sized one with every thing and was 2 blocks away from the main local branch. So no big loss for us.
The other was a small branch in a local national brand super market. It had everything but safety deposit boxes and was close to our health care POP. We used it often.
After a few complaints, they put an ATM inside the super market and kept the downtown branch open.
What’s worse according to one respected economist—Barbara Corcoran is the name, iirc—is the astronomical downtown office vacancy rate. Local banks hold the loans on those offices and tenants are starting to default.
The realtor goes under along with the local banks. If work-at-home continues, downtowns die along with many downtown establishments.
Big time disaster.
Yes...Shark Tank’s Barbara Corcoran
Doesn’t concern me yet but I have a safe deposit box at my local PNC, the only place I could find one available 10 years ago.
Doesn’t concern me yet but I have a safe deposit box at my local PNC, the only place I could find one available 10 years ago.
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