PNC Financial Services Group Inc. and Giant Food LLC said Thursday they inked a 10-year contract to place PNC Bank branches inside 41 Giant Food stores.
The deal comes two and a half months after Chevy Chase Bank moved to close its 54 area Giant Food branches. PNC will eventually open additional in-store locations, a Giant Food spokesman said, though it’s not clear how many.
The PNC (NYSE: PNC) locations will be in Maryland, Washington, D.C., Virginia and Delaware and will create 225 jobs.
The new locations will be miniature, full-service branches open seven days a week and are expected to open in 2009. They will offer checking, savings, loans, mortgages and investment services. The bank will also install 180 ATMs.
Grocery store branches are nothing new for Pittsburgh-based PNC. It currently has more than 60 in-store locations in Delaware, Kentucky, Maryland, New Jersey and Pennsylvania, including an some branches inside Landover-based Giant Food’s affiliate supermarket Stop & Shop.
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Friday, October 24, 2008
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