PNC Bank and Giant Food to Offer Banking Services

Food & Beverage Close-Up, Oct 24, 2008

FOOD AND BEVERAGE CLOSE-UP-24 October 2008-PNC Bank and Giant Food to Offer Banking Services(C)2008 - CloseUpMedia - newsdesk@closeupmedia.com

The PNC Financial Services Group and Giant Food of Landover, Maryland, announced an exclusive, 10-year agreement under which PNC will provide banking services in Giant supermarket locations across Virginia, Maryland, Delaware, and the District of Columbia.

"This agreement significantly expands our presence in PNC's fastest-growing region around Washington and Baltimore as we continue to make banking easier and more convenient for PNC customers," said Joseph C. Guyaux, president of PNC. "With Giant, we will expand our successful in-store banking program with the region's No. 1 grocer in market share, create 225 positions and build upon our business model that differentiates us from other banks."

"We are very excited and pleased to bring to our Giant customers a new in-store banking opportunity," said Robin Michel, executive vice president and general manager of Giant Food. "Many Giant customers have come to appreciate the convenience of full-service, in-store banking. With PNC, we expand an existing relationship with one of the nation's best-performing banks, which has 12 years of in-store banking success and a strong network of banks in our market areas. We are also pleased to be providing our Giant customers with a bank that shares our commitment to the high-quality service that our customers expect."

PNC Bank, which includes 1,100 branches and 4,000 ATM locations, intends to open full-service, in-store branches. Initial plans call for 41 new in-store branches and 180 ATMs to be in place in 2009. In addition to locations in the District of Columbia, Virginia and Maryland, in-store branch locations will be in Delaware, where PNC already has in-store branches in three Giant stores. Under the agreement, more in-store branches and ATMs will be added in existing and new Giant stores during the next 10 years. Financial terms of the agreement were not disclosed.

This new agreement expands PNC's in-store program, which currently includes more than 60 branches at grocery stores in five states (Delaware, Kentucky, Maryland, New Jersey and Pennsylvania). It also builds upon the successful in-store banking relationship in New Jersey between PNC and Giant Food's affiliated supermarket chain Stop & Shop.

PNC's in-store branches increase the availability of banking services seven days a week. A broad range of services is available, including checking, savings, loans, mortgages and investments. The new Giant in-store branch locations will expand upon PNC's existing presence in the region, which includes: 133 traditional branches and 267 ATMs in the Greater Washington Area; 142 branches and 146 ATMs in Greater Maryland; and 45 branches and 175 ATMs in Delaware.

Giant Food operates 183 supermarkets in Virginia, Maryland, Delaware and the District of Columbia, and employs approximately 21,000 associates. Included within the 183 stores are 165 full-service pharmacies.

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