Banks continue to close locations across the nation. Check to see if your branch is closing.
There continues to be a push by banks to get their customers online, as seen by the number of physical branches being closed.
Each week the Office of the Comptroller of the Currency (OCC) releases a bulletin of banks set to close, and the list continues to grow. According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
One report states, "If the trend of current bank branch closings continues, there may be no bank branches left in 10 years."
While some people do their banking online, many still prefer to visit a branch to conduct their finances, so these closures will cause some customer concerns.
The Pennsylvania based bank
Pittsburgh based PNC Financial Services Group is the nation’s sixth-largest bank by assets and No. 1 in southwestern Pennsylvania by deposit market share.
PNC Bank operates 2,629 branches in 27 states and has announced it will close 47 of these branches this summer, including two in Pennsylvania. They had already stated 135 branches would be closed in 2023, including eight branches within ShopRite grocery stores in some regions of Pennsylvania. Now there is an additional 47 branches added to the list.
"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 47 branches on June 23, 2023. 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" PNC Spokesperson
PNC Bank is not the only major bank to close locations in Pennsylvania over the summer. Below is the latest list of locations set to close.
Branches in Pennsylvania Closing This Summer
- PNC Bank. 20940 Route 19, Cranberry Township
- PNC Bank. 1 N. Robinson Ave., Pen Argyl
- Wells Fargo. 1276 General Washington Memorial Blvd, Washington Crossing
- Wells Fargo. 2137 Penn Ave, West Lawn
- Citizens Bank. 2748 Route 611 Tannersville
- JP Morgan. SWC of W Trenton Ave and Plaza Blvd, Morrisville
- Wells Fargo. 210 West Main Street, Lansdale
- BNY Mellon. 500 Grant St, Pittsburgh
This list continues to grow with new additions, so I will continue to update this list. If you wish to be updated with the latest developments, make sure you click the follow button.
Do these branch closures affect you? Will you move to online banking? Should branches stay open for people who prefer to conduct their banking in person? Do you have confidence in your local bank? Will you switch banks?
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