PNC Bank to expand into Boston, Phoenix

PNC has formalized plans to expand its corporate middle-market finance business into the Boston and Phoenix markets in 2019, according to its second-quarter earnings report.

PNC bank, headquartered out of Pittsburgh but with at least 20 branch or ATM locations in Montgomery County and the third-largest retail bank in the Philadelphia region, will expand its corporate finance business into the Boston and Phoenix markets. The bank expanded into Denver, Houston, Nashville, Dallas, recently, and in 2017 expanded into Minneapolis and Kansas City, Mo.

PNC Financial Services Group Chairman, President and CEO William Demchak announced plans last year for a national digital retail bank that will include a handful of branches in cities where it does not have a consumer banking presence. It hopes the end result will be expanding its business lending to the nation’s 25 largest metro areas, writes Jeff Blumenthal in the Philadelphia Business Journal.

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Demchak also said the bank will announced next month the few select markets where the marketing efforts will be concentrated on. “These are likely to be the six cities where PNC (NYSE: PNC) has middle market efforts up and running. That’s where I’d throw the dart,” Demchak said although he didn’t specify metros. “You won’t see billboards and branches” in Boston and Phoenix initially, he said.

Asked how PNC plans to measure success, Demchak said it’s “chasing deposits” with low margin costs. “It doesn’t take much with what we’ll deploy with a small branch build,” he said.

To read the complete story click here.

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