PNC Financial Services Group Inc. is closing eight bank branches in Baltimore County in what the Pittsburgh-based bank says will be the latest wave of planned closures in 2023.
PNC Bank (NYSE: PNC) has filed advance branch closing notices with the Office of the Comptroller of the Currency to shutter the eight branches, all of which are located in Giant grocery stores, a type of branch partnership PNC has had in its crosshairs.
This batch of branch closures is the first that PNC has filed for in 2023. PNC already notified the OCC late last year that it would close 11 branches in 2023, including five in Howard County and six in Southern Maryland. PNC's branch closure strategy isn't unique. Greater Baltimore lost dozens of bank branches in the past couple of years as the area's biggest banks cut costs and consumers turned to mobile banking.
PNC told the Pittsburgh Business Times, a sister publication to the Baltimore Business Journal, in July that it planned to close 135 in-store branches in waves during 2023. The bank said it is closing the branches even as it recognizes the important role they play for customers and will continue to “routinely evaluate” its branch network “to determine if we are most effectively meeting our customers’ needs.”
“We remain committed to delivering on our purpose to move all forward financially, and we are confident that we can meet or exceed our customers’ needs at nearby branch locations, alongside other available methods of banking,” said a spokesperson for the bank.
PNC is the fourth largest bank in Greater Baltimore by market share with 10.66% of local deposits, according to the Federal Deposit Insurance Corp data. Between June 30, 2021, and June 30, 2022, when the FDIC releases annual data, PNC closed just three branches. Since the end of June 2022, PNC has filed notices to close 15 more branches in Greater Baltimore. Fourteen of the 15 branches that are to be closed are branches in Giant Food supermarkets.
Here are the eight Baltimore County branches PNC filed to close:
Centre Court Giant: 3757 Old Court Road, Pikesville
Cherry Balley Giant: 11604 Reisterstown Road, Reisterstown
Owings Mills Giant: 10210 Mill Run Circle, Owings Mills
Ravenwood Giant: 8100 Loch Raven Boulevard, Towson
Reisterstown Road Giant: 6620 Reisterstown Road, Baltimore
Towson Giant: 6340 York Road, Baltimore
Wilkens Beltway Giant: 4622 Wilkens Ave., Baltimore
Timonium Giant: 2145 York Road, Timonium
“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, including in Washington D.C., Maryland, New Jersey, and Delaware,” said the spokesperson.
https://www.bizjournals.com/baltimore/news/2023/01/25/pnc-closes-eight-branches-baltimore.html