Major US Bank Is Now Closing 18 Branches This Summer
A major US bank is now closing branches this summer across two states. PNC Bank has confirmed to regulators the closure of 18 bank branches.
These bank branch closures will occur in the state of Colorado and Arizona.
Colorado will see a total of 14 bank branch closures while Arizona will see four branches close.
The bank closures are part of the final steps in completing its $4.1 billion acquisition of FirstBank.
PNC filed the paperwork with the Office of the Comptroller of the Currency, according to records.
“Most of the Colorado closures are clustered around Denver, with additional branches in Fort Collins and Greeley also set to shut down,” says TheSun.
Where in Arizona are the bank branches closing?
According to the filing, the four Arizona branches set to close are in Phoenix, Scottsdale — which has two locations — and Sun City West.
PNC executive vice president and head of retail banking said the closures are only affecting PNC bank branches and not FirstBank locations.
“We’re not closing a single FirstBank branch. That’s really important. We’ve been quite vocal about that,” Overstrom told Pittsburgh Business Times.
Are Layoffs Coming to PNC Bank Amid Bank Branch Closures?
The latest PNC Bank branch closures will ultimately affect employees.
Earlier in April, bank officials announced that over 700 employees would be laid off at the company’s West Colfax building in Lakewood.
Whether the latest closures will provide new opportunities for PNC’s employees has yet to be determined.
PNC Bank, headquartered in Pittsburgh, completed its $4.1 billion acquisition of FirstBank in January.
FirstBank was the largest privately held bank based in Colorado, and the deal closed after PNC cleared all regulatory approvals.
PNC Bank isn’t the only US bank that has shuttered branches in Colorado.
Chase was included in a 2024 bulletin from the OCC advising of upcoming bank closures for 2024.
The following bank branches closed during the week of November 11:
- 2040 South University Boulevard, Denver
- 11555 Meridian Market New, Falcon
- 9611 W 58th Ave, Arvada
Also Read: A US Bank is Now Denying Customers Access to Money
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