PNC announced a $2 billion investment to open more than 300 new branches by 2030, adding roughly 100 locations to the 200‑branch plan unveiled in November 2024. The expansion will bring the total number of new storefronts to over 300, a 50 % increase over the original target and a 20‑market rollout that includes Nashville, Chicago, Sarasota, and Winston‑Salem.
The company will renovate 100 % of its existing branch network by 2029, and the new sites will add about 35 branches in Nashville and 25 in Chicago, on top of the 113 existing Chicago locations. In addition, 40 new branches will open in six other Southeast cities, and the plan is complemented by the pending acquisition of FirstBank, which will add branches in Denver and Phoenix.
The expansion is designed to reinforce PNC’s community‑banking focus, positioning branches as “centers of advice” rather than simple transaction points. By hiring more than 2,000 new employees, PNC aims to deepen customer relationships, capture new deposits, and support organic growth in key markets. The move signals confidence in the bank’s financial health, as trailing‑12‑month EPS reached $15.47, up 30.8 % YoY, and the company’s balance sheet remains robust enough to fund the investment.
Investors reacted positively to the announcement, reflecting confidence that the expanded footprint will enhance deposit gathering and customer engagement. The plan aligns with a broader industry trend in which major banks are doubling down on brick‑and‑mortar to compete for low‑cost retail deposits, even as some peers are closing branches.
"At PNC, we know the importance of building deep local connections," said Alex Overstrom, Head of Retail Banking. "The build‑out of these 300 new branches allows us to deliver our unique blend of hospitality and financial advice to more clients in more neighborhoods across the country, making PNC the most convenient bank in each of these markets."
"This investment strengthens our connection to Chicago’s vibrant communities and thriving business districts," added Scott Swanson, PNC Midwest Territory Executive. "It creates more opportunities to deliver trusted financial guidance and expanded access to resources that help Chicagoans and their families succeed."
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