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PNC Bank plans to close one of its two downtown Indianapolis branch locations on Aug. 18.
In a letter to customers dated May 19, PNC said it decided to close the branch on the ground floor of the historic Barrister Building at 155 E. Market St. after having “carefully studied the effectiveness of our branches based on their physical capacity as well as the number of customers who frequent each location.”
PNC has been in the Market Street location since acquiring National City Bank in 2008.
The letter also noted, “Today customers have more service choices than ever before and are using branches very differently.”
PNC’s other downtown location, at 101 W. Washington St., will remain open. The West Washington Street location is in the same building that houses PNC office workers and the Hyatt Regency Indianapolis, among other occupants.
“We remain committed to delivering on our purpose to move all forward financially, and we are confident that we can meet or exceed our customers’ needs at nearby branch locations, alongside other available methods of banking,” a PNC spokesperson told IBJ via email.
Based in Pittsburgh, PNC has assets of $562 billion and about 2,500 branches nationwide, including 42 branches in the Indianapolis area.
As measured by deposits, PNC is the second-largest bank in the Indianapolis/Carmel/Anderson metro area. As of June 30, PNC had $14.3 billion in local deposits, or 17.3% of the local deposit market share, according to the Federal Deposit Insurance Corp.
The largest bank in the market is J.P. Morgan Chase & Co., with $17.6 billion local deposits, or 21.2% of market share. Carmel-based Merchants Bank of Indiana is third, with $6.45 billion in local deposits, or 7.79% of market share.
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Why do banks even have branches anymore?
They should close all physical locations to increase my shareholder value.
I only visit bank branches to replace damaged currency from my kids who actually use cash money.
You can do literally everything else online.
The old BBQ restaurant at the corner of Market & Penn is going to re-open as a credit union… What a waste of good retail space…
Dick’s Bodacious Bar-b-Credit Union.
PNC has now closed or is closing 4 branches that I use for my corporate checking accounts. They will likely lose my business. My businesses need physical locations that are convenient.
Why?
You can deposit up to 50k in cash in an ATM, everything else can be done from a phone
Also – just move to Elements – they are 10000x better
As a corporate customer they offer tools for you to do everything from your desktop- you shouldn’t need a physical branch for anything but cash transactions. Which very few corporations utilize cash these days. Talk to your banker about their Treasury Management products- simplify your life and save yourself some money, time and risk in the process.