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PNC Bank plans to open 100 new brick-and-mortar branches across the U.S., including South Texas.
The Pittsburgh-based banking company has more than a dozen locations across the Rio Grande Valley. The announcement did not detail the planned new locations, but lists Austin, Dallas, Houston, Laredo and San Antonio as targets.
The PNC announcement follows New York-based JPMorgan Chase revealing last week it plans to open at least 500 new branches nationally in the next three years, including 15 in Texas. San Antonio-based Frost Bank also has been steadily opening new locations across the state.
With the rise of cellphones and online banking, there’s been a changing of the guard for how Americans do their banking. Only 29% of Americans prefer going to banks in person and 78% prefer to bank online, according to Forbes.
Despite the drop-off in foot traffic for physical banks, PNC sees its investment as a way to attract people back who dislike the online banking experience.
“Our branch network is the heartbeat of our Retail business, offering friendly and convenient service to the millions of customers who step through our doors every single month,” said Alex Overstrom, head of PNC Retail Banking.
In January, PNC filed notice with the Office of the Comptroller of Currency that it would be closing three branches in Texas. The branches were located in El Paso, Dallas and Broaddus, Texas.
PNC’s annual revenue in 2023 was $31.88 billion, a 35% increase from 2022. PNC is the 12th largest bank in Texas, holding assets totaling about $26 billion.
