PNC Financial Services Group (PNC) will marginally shrink its branch network next year.
The $298 billion-asset company will continue with its recent pattern of opening smaller branches in desired markets and closing some larger, traditional branches, resulting in roughly 25 net closures, PNC spokesman Fred Solomon said Wednesday.
Roughly 90% of the PNC branches are traditional branches and Chief Executive William Demchak said at an investor conference this week that his goal is to shrink that number to about one-third within five years.
PNC's plans were first reported in the Pittsburgh Business Times.
Pittsburgh-based PNC has 2,969 offices throughout the United States, according to data from the Federal Deposit Insurance Corp.