PNC said it plans to add a dozen branch offices in the Triad region, plus two each in Asheville and Wilmington over the next five years as it builds on its existing North Carolina footprint.
The additions were among the 100 new offices that Pittsburgh-based PNC announced today, building on its previous plan disclosed last year for 200 new branches nationally by 2030. Those prior growth efforts disclosed last November included 25 more offices in the Charlotte market and about 10 in the Raleigh area.
PNC say it is among several large banks expanding in North Carolina because of the state’s growing population, strong business activity and a record of successful banking and wealth management operations here, said Jim Hansen and Weston Andress, who are PNC regional presidents.
The latest expansion will extend PNC’s growth in about 20 markets nationally and add more than 2,000 employees to its retail staff, including hundreds in North Carolina. Plans also call for renovations of more than 1,000 existing PNC offices. The overall investment entails an investment of about $2 billion.
“Our company is investing meaningful dollars in the state and it’s our responsibility to make sure the dollars are invested wisely,” says Andress, who is PNC’s regional president in western North Carolina.
PNC entered North Carolina principally through its 2011 purchase of Royal Bank of Canada’s U.S. banking subsidiary. In turn, the Canadian bank had moved into the state through its 2001 purchase of Rocky Mount-based Centura Bank.
The new plans include a major emphasis in the Nashville area, with about 40 more offices, and Chicago, where 25 offices are to be added. “At PNC, we know the importance of building deep local connections. Our branches serve as vital community hubs where trusted relationships are built and financial aspirations made real,” said Alex Overstrom, head of Retail Banking.
PNC Bank has the fourth-largest U.S. branch network with more than 2,200 branches nationwide. It had assets of $569 billion as of Sept. 30 and is among the largest wealth management companies.
In North Carolina, PNC has 102 offices and $11.5 billion in deposits as of June 30, according to FDIC data. That ranked sixth in the state, behind Bank of America, Truist, First Citizens, Wells Fargo and Live Oak, which operates almost exclusively online.
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