PNC Bank shrunk its branch network by 160 offices last year, the most of any bank nationwide except for Bank of America, an analysis released Monday by SNL Financial found.
Collectively, banks cut their branch total by 1,487 locations in 2013, SNL said, as the industry contended with persistently low interest rates, slow loan growth and escalating costs.
Lenders large and small “grappled with weak revenue growth and heavy [regulatory] compliance costs that are motivating them to reduce the fixed expenses tied to large branch networks,” said SNL, a Charlottesville, Va.-based research firm.
PNC, Pittsburgh’s dominant bank and the eighth biggest nationwide, closed 182 branches and opened 22 others across its 19-state footprint in 2013 for a net loss of 160, SNL said. Bank of America, the nation’s second-biggest bank, had a net loss of 189 branches.