Popular bank closing half-dozen branches (locations revealed)

It hasn't been easy for many businesses since Covid forced people inside and online in 2020, reshaping how we all shop and spend.

Among the industries hit hardest are retailers and banks, which have historically depended heavily on face-to-face interactions in brick-and-mortar stores. Nowadays, technological advances and changing consumer behavior have led to customers shopping and banking online, making physical locations less important.

"We are not surprised to see locations continue to close as banks look to further leverage their digital footprints, especially mobile banking, to drive costs lower," said Wall Street veteran and TheStreet Pro portfolio manager Chris Versace in an email. "Our question is, how will this real estate be repurposed and what companies are willing to take this on, given commercial vacancy rates?"

FDIC-insured commercial bank branches by year:

• 2024: 68,330

• 2020: 72,756

• 2015: 80,537

• 2010: 81,464

• 2005: 72,321 Source: Federal Deposit Insurance Corporation

The shift toward digital banking has prompted many banks, including regional powerhouse PNC Bank (PNC), to reassess their footprint, close branch locations, and reimagine their remaining stores to include fewer tellers, more automation, more workspaces, and larger, more comfortable waiting areas.

Banking undergoes sea change

The internet hasn’t just reshaped retail. It has also enabled a major shift in how banks like PNC Bank conduct business with their customers.

Bank customers rarely visit physical branches to deposit checks, transfer funds, or withdraw money. Instead, they do those transactions online or via mobile banking apps. The same is true for applying for loans and paying mortgages; many of these transactions are now conducted solely online, often with digital-only lenders like SoFi.

Related: 70-year-old bank chain closing 51 locations across 13 states

The shift has led many banks to merge, fail, or shrink the number of branches they operate. Between 2000 and 2020, the number of U.S. commercial banks declined by almost 50% as smaller, local institutions struggled to provide services similar to deep-pocketed and technology-enabled rivals such as Bank of America and Wells Fargo.

Regional players like PNC Bank, which have survived, have consolidated their market share within key regions, boosting name recognition, doubling down on community, and expanding into new markets.

The branches still operated by banks look very different than when I would visit my dad at his branch in the 1980s.

PNC Bank at-a-glance:

• Founded: 1845 as the Pittsburgh Trust and Savings Company Source: PNC Bank

• Total assets: $568.8 billion Source: PNC Bank's Balance Sheet Q3 2025

• # of branches: ~2,200 Source: PNC Bank's Corporate Profile, retrieved Nov. 21, 2025

• Employeees: 54,938 Source: PNC Bank's SEC Filing

Gone are the long teller lines and waits to cash or deposit checks on payday. Teller stations have been replaced by small pods staffed by a few employees and comfortable seating and working areas for customers waiting to meet with bankers or investment counselors.

Self-service kiosks and other technology, akin to self-checkout at the grocery store, have also become common within branches, providing customers with online banking access rather than face-to-face interactions.

Overall, the digital shift has meant that bank branches require far less square footage than in the past, resulting in a move to smaller locations or branch closures.

Economy creates bank headwinds

Banks like PNC are very sensitive to interest rate changes. When the Federal Reserve increases its Fed Funds Rate, it increases the cost of banks borrowing from each other overnight.

Higher interest rates can boost net income margins because loan rates typically grow faster than rates paid on deposits used to fund them, but they also reduce loan demand. It can also have a big impact on valuing bonds held on bank balance sheets, causing liquidity problems.

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For example, when the Fed embraced hawkish monetary policy to wrestle inflation lower in 2022, it forced banks to mark-to-market their bond portfolios at substantially lower valuations. That led to the failure of Silicon Valley Bank (SVB) on March 10, 2023, during the largest one-day bank run in U.S. history. Customers withdrew a jaw-dropping $42 billion that day.

Signature Bank failed because of similar concerns two days later. First Republic Bank failed on May 1, 2023, resulting in a last-minute acquisition by JPMorgan Chase.

Bank balance sheets have been adjusted since then, but the industry now faces different challenges. High housing prices and mortgage lending rates have depressed mortgage demand, as well as demand for home equity loans and HELOCs.

There is also a growing risk to banks from rising layoffs, unemployment, and inflation, which are crimping many borrowers' budgets and could lead to increased delinquency and defaults on auto loans and credit cards.

PNC Bank closing six branches

Big regional banks aren't unaffected by all the shifting sands impacting the industry, so players, including PNC Bank, are also reevaluating brick-and-mortar branches.

PNC Bank is the nation’s eighth biggest bank, with assets of about $564 billion. It operates about 2,200 branches in 27 states, with a large presence in the Northeast and Midwest, including Pennsylvania, Ohio, New Jersey, and Virginia.

Related: Beloved retailer makes comeback after closing 100s of stores

Like many banks, PNC Bank has been acquiring smaller banks to bolster its market share in key markets and expand into adjacent markets. Despite those acquisitions, its branch footprint has declined as it closes overlapping locations and, more broadly, consolidates branches.

For instance, the branch operated 2,589 branches in 2008 when it was much smaller, with just $291 billion in assets.

In 2023, it closed 223 locations, and it closed about another 20 in 2024. In 2025, its plans include a similar number of closures as last year, including six locations disclosed in documents filed with the Office of the Comptroller of the Currency (OCC) in November.

PNC branches that closed or will soon be closed:

• 7421 LANCASTER PIKE, HOCKESSIN, DE (closed)

• 3110 GRACEFIELD RD., SILVER SPRING, MD (closed)

• 5851 HAMILTON AVE., CINCINNATI, OH (planned)

• 6055 W. LISBON AVE., MILWAUKEE, WI (planned)

• 6680 PERIMETER DR., DUBLIN, OH (planned)

• 202 S. LAFAYETTE AVE., ROYAL OAK, MI (planned) Source: Office of the Comptroller of the Currency (OCC), Nov. 15 update

PNC Bank expands into new markets

While those closures will impact the communities they serve, they represent an ongoing tweaking of PNC Bank's footprint. Overall, PNC Bank continues to grow, and while some locations are closing, it's opening some others, including three new branches:

• 4600 STATE HWY. 21, STE 100, LEWISVILLE, TX

• 3300 FORT MEADE RD., LAUREL, MD

• 2400 W 60TH ST., HIALEAH, FL Source: Office of the Comptroller of the Currency (OCC), Nov. 15 update

Overall, PNC Bank's management expects to open 200 branches by 2029 as part of its revamped footprint.

"By the end of the year, we will have opened more than 25 new branches. And importantly, we remain on track to complete our 200-plus branch builds by the end of 2029," said CEO William Demchak on PNC Bank's recent earnings call.

On November 7, PNC Bank increased its estimate for new branch builds by 50% to 300 locations at a cost of $2 billion.

“Sometimes it feels like the world is getting less personal,” said Jeff Martinez, PNC’s head of Branch Banking, in October. “This can be a real differentiator for us by providing that oasis for human connection.”

PNC Bank is also in the midst of integrating its latest acquisition. On Sept. 8, it announced it's acquiring Colorado-based FirstBank in a deal valued at $4.1 billion. The deal nets PNC Bank $26.8 billion in assets and 95 branches in Colorado and Arizona, helping it continue its growth beyond states where it's traditionally operated.

"This deal will propel PNC to the #1 market share position in retail deposits in branches in Denver. It will also more than triple our branch footprint in Colorado while adding additional presence in Arizona," said Demchak.

On Oct. 15, PNC Bank reported its third-quarter financial results. Revenue totaled $5.92 billion and net income was $1.82 billion, resulting in earnings per share, or EPS, of $4.35, up from $3.85 last year.

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This story was originally reported by TheStreet on Nov 21, 2025, where it first appeared in the Latest Business & Market News section. Add TheStreet as a Preferred Source by clicking here.