PNC Bank on Wednesday said it will invest approximately $1 billion across the next five years to build 100 new branches and renovate more than 1,200 existing locations.

PNC said that the new branches are planned for metro areas across the United States, including the Texas cities of Austin, Dallas, Houston and San Antonio, as well as Denver and Miami.

The upgrades to PNC's existing branch facilities include changes, the bank said, that will improve the customer experience.

The work will take place through 2028 and will add to the 2,300 physical locations PNC already has.

"Our branch network is the heartbeat of our Retail business, offering friendly and convenient service to the millions of customers who step through our doors every single month," said Alex Overstrom, head of PNC Retail Banking.

"As one of the largest retail banks in the United States, our vast branch network, alongside our other core banking channels, plays a key role in how we serve and provide solutions to our customers across the country," Overstrom said.

PNC appears to be bucking a trend that has seen banks closing their retail brick-and-mortar locations as more customers take advantage of online services.

The Wall Street Journal in December reported that banks had shuttered approximately 22,000 branches since 2009 and that in the prior 12 months Wells Fargo had shut down 258 retail locations, followed by JP Morgan Chase with 165 closures.

Some of the Chase shutdowns, according to a Reuters report, were former First Republic Bank locations. Last year, Chase acquired First Republic, along with its 84 branches in eight states.

This is not a sign, however, that Chase has given up on bringing its services to customers where they live.

Chase said it is the only bank to have branches in every state of the lower 48 of the U.S. and recently announced a major initiative to grow its physical network.

Earlier this month, Chase announced that it will be adding 500 new branches and renovating 1,700 existing locations during the next three years as part of a multibillion initiative.

In addition to growing its presence in existing markets like Boston, Minneapolis and Philadelphia, Chase said, the bank is also moving into low-to-moderate income and rural markets that have had little access to walk-in banking services.

The bank's efforts for 2024 also include opening three additional Community Center branches, which are typically located in urban, historically underserved areas and built by minority contractors. Chase also said it will open 20 J.P. Morgan locations, most located in former First Republic offices.

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