PNC Bank is closing 19 branches across the US in February, including locations in Illinois, Texas, Alabama, New Jersey, Ohio, Florida, and Indiana.
The bank plans to help clients transition to nearby branches.
The closures come as Rep. Brendan Boyle (D-PA) called out a “banking crisis” and called for a pause in interest rate hikes by the Federal Reserve.
“I respect the independence of the Fed. They are obviously going to independently make that decision. But it doesn’t preclude me or any other member of Congress or any other citizen from speaking up and pointing out that the Fed has raised rates so steeply, so quickly that that is having a profound effect on our economy,” Boyle said.
“By their own measures, they are going to cause unemployment as a result of what they’re doing, an increase in unemployment, for which they have no real response.”
“So, I believe a pause here is appropriate. We still, as we’ve been reminded today, don’t know the full extent of the banking crisis.”
“So, I think a pause would be a wise decision. We do not want to have a mistake of going so extreme in the rate hikes that we end up bringing about a recession that is completely unnecessary.”
Additionally, a CNBC survey found that 70% of Americans feel financially stressed, with 60% attributing their stress to inflation caused by President Biden’s policies.