PNC Shrinks Branch Network

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.

Read more: http://www.post-gazette.com/business/2014/01/28/PNC-shrinks-branch-network/stories/201401280041#ixzz2rjqmajiY

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Post Office Reports Loss Of $5 Billion For Year

USPS service delivery truck in a residential a...

USPS service delivery truck in a residential area of San Francisco, California (Photo credit: Wikipedia)

WASHINGTON (AP) – The U.S. Postal Service said Friday it lost $5 billion over the past year, and postal officials again urged Congress to pass legislation to help the beleaguered agency solve its financial woes.

In a positive sign, the loss was a fraction of the record $15.9 billion the Postal Service reported losing last year. But it was still the agency’s seventh straight annual loss and came despite its first growth in revenue since 2008.

Operating revenue rose 1.2 percent to $66 billion, thanks to growth in the post office’s package delivery business and higher volume in standard mail. That was not enough to offset long-term losses in first class mail – the post office’s most profitable service – where revenues declined by 2.4 percent.

Read more at http://www.philly.com/philly/business/20131115_ap_bec035dfa75648f5a1f03a745ca1eb46.html#OcVHlq2UB7XQFb1U.99

Wilkes-Barre/Scranton Intl. Airport Sees Increase In Revenue From Marcellus Shale Industry

English: "Fly Delta Jets" sign at Ha...

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PITTSTON TWP. – Delta Air Lines Inc. is adding a flight and upgrading another at the Wilkes-Barre/Scranton International Airport next year, officials said Monday.

On Jan. 4, Delta plans to upgrade its daily flight to the Hartsfield-Jackson Atlanta International Airport from a 50-seat aircraft to a 65-seat aircraft, airport Director Barry Centini said Monday at a regularly scheduled airport board meeting during which projects and plans for an authority were discussed. He also said Delta on March 3 will add a fourth flight to Detroit Metropolitan Wayne County Airport.

The additional flight will bring Delta’s total departures to five, with four to Detroit and one to Atlanta.

Read more: http://thetimes-tribune.com/news/delta-adding-flight-next-year-from-local-airport-1.1238229#ixzz1f9Z8Zn5M