Finance
PNC Now Plans to Spend $1.5 Billion as Branch Expansion Doubled
- Lender is now looking to add more than 200 bank branches
- Cities targeted offer attractive demographics, executive says
PNC last month announced third-quarter results that topped estimates.
Source: PNCPNC Financial Services Group Inc. said it will spend $500 million more than originally planned to double its branch expansion and renovate more of its existing bank locations.
The Pittsburgh-based lender plans to add 100-plus branches in cities including Atlanta, Phoenix and Charlotte and Raleigh, North Carolina, and Miami, Orlando and Tampa, Florida, and renovate 200 additional existing locations. That’s on top of its earlier plans, announced in February, to spend roughly $1 billion on more than 100 new branches in Texas, Florida and Colorado, and renovate more than 1,200 of its 2,200-plus locations across the US.