Pittsburgh-based PNC Bank got a taste of Miami, and now it’s hooked.
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PNC plans to open 35 new retail locations in Miami over the next five years in addition to the six new branches it announced plans to open a year ago.
The bank's Magic City expansion is part of a $1.5B push to update and grow its retail footprint, according to a release. In February, PNC announced plans to drop $1B to open 100 new locations and renovate 1,200 in Austin, Houston, San Antonio, Dallas, Denver and Miami by 2028.
It now plans to double that expansion effort to more than 200 branches across 12 cities with an additional $500M investment. The growth comes after PNC Bank, a member of PNC Financial Services Group, closed 10% of its locations in 2023 due to decreased lending, Bisnow previously reported.
The lender offers services including personal and business banking, mortgages, wealth management and corporate banking solutions. In 2023, PNC Bank was the 15th-most active lender to U.S. apartments, according to an MSCI report.
PNC had a $35.1B commercial real estate loan book at the end of the third quarter, with $3.9B of that in Florida. Ranked as the ninth-largest bank in South Florida by local deposits, PNC holds over $8B across 57 branches in the region as of June 2023, the South Florida Business Journal reported.
PNC currently has 60 retail branches in South Florida, and in the next five years plans to open 70 new branches across Florida, half of which in Miami.
“This latest announcement reaffirms our long-term commitment to the community and our excitement to keep growing within it,” PNC Regional President for South Florida Cressman Bronson said in a statement. “With each new branch, we’ll bring jobs, investment and additional banking services to neighborhoods throughout the city, making it easier for us to connect people and businesses to the financial resources and expertise they need."
It first broke into the South Florida market in 2009 after acquiring National City Corp. in the midst of the Great Recession. It opened its first retail location in Miami in Aventura in 2012 after its acquisition of RBC Bank.
The pandemic accelerated PNC's expansion, with it opening branches in Brickell, Pinecrest and Coral Gables between 2021 and 2023. It leased a 6K SF corporate office on the seventh floor of The Plaza Coral Gables, a $90M mixed-use project that it helped finance, in 2021.
This year, it opened a 2,800 SF branch in Kendall Place in February and a 3K SF location in Miami’s Little Havana in August, the SFBJ reported. Other new branches this year include Uptown 7th Avenue, Midtown Miami and Doral Atrium.
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