PNC Financial's Branch Expansion Push: A Smart Growth Move?

The PNC Financial Services Group, Inc. PNC is betting on physical branch expansion to solidify customer relationships and tap into new markets. With more than 2,219 branches nationwide as of Sept. 30, 2025, the bank continues to invest in brick-and-mortar despite the digital shift.

In November 2025, PNC announced that it would open more than 300 branches by 2030, backed by an estimated $2-billion capital investment. This expansion plan adds 100 branches to the company’s plan unveiled last November, which committed $1.5 billion to open more than 200 branches and renovate 1,400 existing ones.

The new initiative extends PNC’s retail expansion to nearly 20 U.S. markets, including Nashville, Chicago, Sarasota, and Winston-Salem. The bank also reaffirmed its plan to renovate 100% of its branch network by 2029 and hire more than 2,000 employees to support growth and customer service efforts by 2030.

The latest plan follows PNC’s $4.1-billion pending acquisition of FirstBank Holding Company (anticipated to close in early 2026), a transaction expected to expand PNC’s presence in Arizona, bringing its network to more than 70 branches, with the addition of 13 FirstBank branches. Leveraging FirstBanks’ strong local customer relationships, PNC Financial plans to further grow its corporate and private banking business in both Colorado and Arizona.

Despite digital banking’s rise, PNC Financial’s branch expansion represents a calculated and forward-looking investment in sustainable growth. By strengthening its deposit base, diversifying geographically, and deepening customer relationships through an integrated physical and digital model, PNC is positioning itself for long-term resilience in a rapidly evolving banking landscape.

Similar Steps Taken by Other Banks

PNC Financial is not the only bank that is expanding its physical footprint. Bank of America BAC and JPMorgan JPM are among other large lenders pursuing meaningful branch expansion.

Bank of America has embarked on an ambitious expansion plan to open financial centers in new and existing markets. The company plans to open more than 150 new financial centers across 60 markets by the end of 2027. With this move, Bank of America continues its aggressive expansion as part of a broader strategy to strengthen customer relationships and tap into new markets. 

JPMorgan, the largest U.S. bank, is doubling down on physical expansion to strengthen its competitive edge in relationship banking. JPMorgan is expanding its affluent banking services by opening 14 Financial Centers and plans to open more than 500 branches by 2027, with 150 already built in 2024. This move will solidify its position as the bank with the largest branch network, covering all 48 U.S. states. JPMorgan is committed to renovating 1,700 existing locations by 2027 to serve its customers better.

PNC’s Price Performance, Valuation & Estimates

Shares of PNC Financial have gained 7.7% in the past six months compared with the industry’s growth of 25.9%. 

Price Performance

From a valuation standpoint, PNC trades at a forward price-to-earnings (P/E) ratio of 10.6X, below the industry’s average of 14.9X.

Price-to-Earnings F12M

The Zacks Consensus Estimate for PNC’s 2025 and 2026 earnings implies year-over-year rallies of 14.2% and 11.5%, respectively. The estimates for both years have been revised upward over the past seven days.

Estimate Revision Trend

PNC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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