Author: Patty Tascarella

PNC’s president and CFO talk about the bank’s growth strategy including the latest details on new branch openings.

PNC is thinking big, and CFO Rob Reilly put recent news from the bank into the context of its growth strategy.

Open and shut: PNC is adding 100 branches but continues to prune across its footprint. This time, the branch closures affect Houston.

PNC Financial Services Group Inc. (NYSE: PNC) is investing around $1 billion to not only open more than 100 new locations but also renovate at least 1,200 existing ones through 2028. Here’s a look at how it’s expected to play out.

Pittsburgh-based PNC will sell Latin American brokerage operations that were part of its $11.6 billion acquisition of Houston-based BBVA USA Bancshares.

PNC has added two branches on wheels dedicated to specific markets — including Houston — so far in 2023 and plans another four by year-end, bringing the total to 10.

On Feb. 3, the U.S. Department of Labor released the monthly data that heftily surpassed expectations and defiantly flies in the face of the Fed’s efforts to slow the economy to reduce inflation.

The states most impacted are Maryland and Virginia, which will both lose six PNC branches, and Alabama, Pennsylvania and Texas, which will each see four closures.

Already underway, conversion is expected to conclude by end of 2026, PNC says.

Renu Khator, chancellor of the University of Houston System, is third newcomer to PNC’s board in seven months.