Branch Expansion Fuels PNC Push Into Sun Belt Markets

PNC Financial Services is investing $2B to open more than 300 new branches nationwide by 2030, marking a strategic push into growth markets.
While closing branches in traditional strongholds like Pennsylvania and Ohio, PNC is aggressively expanding in the Sun Belt—including Texas, Florida, and North Carolina.
Despite digital banking growth, major US banks are building out branches to deepen customer relationships and grow deposits, a low-cost source for lending.

Key Takeaways

A Strategic Shift In Retail Banking

PNC Financial Services Group plans to open 300+ new branches by 2030, expanding its retail banking network, reports CoStar. The bank’s latest move boosts its total investment in brick-and-mortar expansion to around $2B.

Branch banking has declined in some regions due to digital trends. Still, PNC sees physical locations as key to building deposits and relationships.

Where It’s Growing

FDIC data highlights a sharp geographic pivot. PNC is shedding branches in legacy markets like Pennsylvania, New Jersey, Ohio, and Virginia. At the same time, it is accelerating growth in states like Texas, Florida, Georgia, Colorado, and North Carolina.

Among the key expansion targets:

Tennessee: Around 35 new branches in Nashville.
Florida: Branches planned in Fort Myers, Lakeland, and Sarasota.
North Carolina: Expansions in Asheville, Winston-Salem, and Wilmington.
Illinois: 25 new locations planned in the Chicago market.

PNC also made a major move in September, announcing the acquisition of FirstBank, which will make it the largest retail bank in the Denver metro area.

Growth Amid Closures

Despite the expansion plan, PNC has experienced a net loss of 11 branches over the past year, according to FDIC data. Nationwide, the number of bank branches continues to decline—1,593 closures vs. 1,048 openings in the last 12 months—showing a net reduction of 545 locations.

Still, PNC is aligning with a broader trend among big banks like JPMorgan Chase and Bank of America, which are also growing their retail footprints.

Why It Matters

As competition for deposits intensifies and customer trust remains a premium, banks are using physical branches to differentiate their services. This is especially true in underserved or high-growth regions.

By reallocating its branch footprint toward faster-growing states, PNC is betting on long-term demographic shifts. It’s also banking on the staying power of in-person financial services.

What’s Next

With approximately 2,200 branches today, PNC says it continues to “evaluate” its network regularly. While the exact future number of branches remains uncertain, the $2B bet signals a strong commitment to growing its physical banking presence—especially across the Sun Belt.