A massive bank with 2,500 locations is now closing a major branch in Strasburg, Pennsylvania today.
PNC customers will still be able to access an ATM to make withdrawals and deposits at the location.
PNC said the bank’s assets will revert to a nearby location.
In previous comments to The U.S. Sun, PNC said it is trying to “strike a balance with its brick-and-mortar footprint,” reports The-Sun.
“PNC recognizes that branches play a key role in how we provide solutions to our clients, alongside our other channels,” the bank said.
“That’s why we continually study customer and prospect transaction patterns to determine how we can most effectively meet the needs of our communities.”
PNC said that despite the narrative around advanced bank closures, the company continues to expand its footprint.
“As a result of this work, we have grown our PNC branch footprint over the past five years – by building out new branches and through acquisitions – while total industry branches have declined,” the bank said.
“At the same time, we also make decisions to close branches as customer needs evolve.”
In March, the bank filed paperwork to shutter 47 locations, according to Best Life.
The bank closed 11 branches in Virginia and seven in Texas.
Bank branches have shuttered at a record pace this year, according to Kiplinger.
The publication found that banks shut down 3,000 branches throughout the US this year.
Banks have only opened 1,000 new locations.
The rise of online banking has been the primary reason why brick and mortar banks have been shuttering in the past years.
The-Sun reports that a study found that closures may have disparate impacts on minority-majority communities.
Other Banking News Today
Massive bank branches in Florida now unexpectedly close for 2024 according to fresh data from the Office of the Comptroller of the Currency (OCC).
Three additional Florida-based Wells Fargo Bank branches are scheduled to permanently shutter in 2024, as listed with the most recently updated Office of the Comptroller of the Currency (OCC) Bulletin (for the week ending November 11th), reports Joel Eisenberg.
“It should be further noted that in the United States major banks cannot close branches until the passing of a minimum of three months following their initial OCC bulletin listing.”
The following Florida-based Wells Fargo Bank branches have been added this week to the 2024 permanent closure list:
- 219 Indian River Avenue, Titusville
- 12233 North Florida, Tampa
- 2307 Del Prado Boulevard, Cape Coral
The following six bank branches are now scheduled to shutter in Florida in the coming weeks:
- Trustco Bank. 1084 Lee Rd, Orlando
- Bank of America. 126 East Olympia Ave, Punta Gorda
- Wells Fargo. 3131 West Hallandale Beach Blvd, Hallandale
- Wells Fargo. 10191 Cleary Blvd, Plantation
- Wells Fargo. 113 South Tennessee Ave, Lakeland
- Wells Fargo. 4901 Tamiami Trail, South Naples
Wells Fargo is also closing additional branches in California soon.
Between 2017 and 2021, nine percent of all branches — almost 7,000 locations— shut their doors.
Florida had the fourth most closures of any state.
CNBC reports that this trend of bank closures may lead to “banking deserts”, where communities are left without access to a bank or credit union within 10 miles.
“Several studies have shown these communities are more likely to use non-traditional and high-fee lending options such as payday loans and check-cashing services, which increases financial inequities and ends up widening the wealth gap.”
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