Major American banks are persisting with their initiatives to close branches across the country, leading to an increasing number of Americans being left without essential financial services.
The sixth-largest bank in the United States, PNC, has officially announced the shutdown of an additional 19 branches across the country, adding to the already significant closure of 203 branches earlier this year.
This move, in line with the bank’s transition to digital banking, is causing concerns among customers who prefer traditional banking methods.
Set for February 2024, the closures will mainly affect Pennsylvania, where the majority of the branches marked for closure are situated.
Nonetheless, various branches in other states, such as Illinois, Texas, Alabama, New Jersey, Ohio, Florida, and Indiana, will also be closing down. This move, according to the reports, will leave customers in these areas with limited access to in-person banking services.
This decision comes after the closure of a branch in Strasburg, Pennsylvania, on November 17, where banking services have been limited to an ATM across the street, and the bank’s assets have been moved to a nearby location.
Here’s the full list of branches set to close on February 16th:
- 202 N. Walnut St., Bath, Pennsylvania
- 301 W. Trenton Ave., Morrisville, Pennsylvania
- 14 N. Main St., Plains, Pennsylvania
- Two N. Mill St., New Castle, Pennsylvania
- 1969 E. 3rd St., Williamsport, Pennsylvania
- 321 Bel Air Blvd., Mobile, Alabama
- 2811 Eastern Blvd., Montgomery, Alabama
- 5650 S. Brainard Ave., Countryside, Illinois
- 2217 W. Market St., Bloomington, Illinois
- 1949 E. Sangamon Ave., Springfield, Illinois
- 505 W. Liberty St., Wauconda, Illinois
- 8733 U.S. Highway 315, Indianapolis, Indiana
- 528 Station Ave., Hadden Heights, New Jersey
- 410 Main St., Orange, New Jersey
- 115 E. Van Buren Ave., Harlingen, Texas
- 407 S. Commerce St., Harlingen, Texas
- 801 W. Kearney St., Mesquite, Texas
- 1040 Mt. Vernon Ave., Columbus, Ohio
- 1140 N. Main St., Gainesville, Florida
“PNC recognizes that branches play a key role in how we provide solutions to our clients. alongside our other channels,” the bank stated.
“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.”
“At the same time, we also make decisions to close branches as customer needs evolve.”
“As always, we will continue to invest in – and optimize – our branch network alongside our other core banking channels to serve our customers in the most effective way we can,” the company said.
The estimated total of PNC branch closures in 2023 is approximately 203, according to a release from the Office of the Comptroller of the Currency (OCC) and reports from the Pittsburgh Business Times.
PNC Bank’s decision to close these branches reflects a broader trend in the banking industry, where financial institutions are placing a growing emphasis on digital banking platforms over traditional brick-and-mortar locations.
While PNC attributes the closures to the surge in online banking and shifts in customer behavior, skeptics contend that this move toward digitalization jeopardizes both the security of customer data and the government’s ability to regulate banking activities effectively. They highlight that digital platforms are vulnerable to cyber threats, data breaches, and hacking incidents that could compromise customer privacy and financial security.
PNC Bank is joining several other banks in reducing their physical presence.
Here is a list of bank branches that have either recently shut down or are slated for imminent closure:
- Wells Fargo. 1155 Union Circle, 2ND FL RM 222, Denton.
- Wells Fargo. 700 Jackson, Richmond
- Wells Fargo. 14999 Preston Rd, Building F, Dallas
- Verabank. 1100 Williams Dr, Georgetown
- Amerant Bank. 12145 FM 1960 West, Houston
- Wells Fargo. 3580 Frankford Rd, Dallas
- Wells Fargo. 1200 Flower Mound Rd, Flower Mound
- JP Morgan. 213 W Greens Rd, Houston
- Wells Fargo. 2824 Hillcroft St, Houston
- Bank of America. 9660 Hillcroft St, Houston
- Wells Fargo. 1420 West Mockingbird Lane, Dallas
- JP Morgan Chase. 16802 El Camino Real, Houston
- Capital One. 2301 E. Riverside Dr, Austin
- Capital One. 2910 S. Lakeline Blvd, Cedar Park
- Wells Fargo. 11152 S. Gessner Dr, Houston
- Woodforest NB. 80 Uvalde, Houston
- JP Morgan. 14114 Dallas Parkway, Dallas
- Wells Fargo. 1420 West Mockingbird Lane, Dallas
- JP Morgan Chase. 16802 El Camino Real, Houston
- JP Morgan. 1200 Clear Lake City Blvd, Houston
- JP Morgan. 3103 FM 528 Friendswood
- Home Bank. 12941 Gulf Freeway, Houston
- Home Bank. 251 West Medical Center, Webster
- Bank of America. 7900 Shoal Creek Blvd, Austin
- First NB. 5671 Treaschwig Rd, Spring
- First NB. 5671 Treaschwig Rd, Spring
- Bank of America. 7900 Shoal Creek Blvd, Austin
As previously reported Bank of America led the way by closing 21 branches in just the first week of October, according to a bulletin published by the Office of the Comptroller of the Currency (OCC).
Wells Fargo wasn’t far behind, closing 15 branches, while US Bank and Chase reported shutting down nine and three branches, respectively.
As per reports in 2022, 3,000 bank branches have closed down nationwide.
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