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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Source: ibj.com
