PNC Financial Services Announces $2.5 Billion Branch Expansion Plan Through 2031
PNC Bank has announced a significant expansion of its physical branch network, committing approximately $2.5 billion to open more than 370 new locations by 2031. Following the successful opening of over 70 branches under its initial strategy, the bank plans to accelerate construction to 60 branches per year starting in 2027. The expansion focuses heavily on high-growth markets in the Southeast, specifically adding more than 50 locations across South Carolina and Georgia. The strategic buildout also includes 10 additional locations across Texas, Florida, and North Carolina. To support this growth, PNC expects to hire approximately 2,400 new employees. This physical expansion is designed to complement the bank's digital growth, which saw a 9% year-over-year increase in active digital users during the third quarter, aiming to provide a hybrid model of personalized in-person advice and robust mobile banking capabilities.