PNC Financial announces 10-year deal with Maryland area's Giant Food

Daily Record, The (Baltimore), Oct 23, 2008 by Danielle Ulman

PNC Financial Services Group announced a 10-year deal today with Giant Food LLC to offer banking services in supermarket locations in Maryland, Virginia, Delaware and Washington, D.C.

PNC Bank will open 41 in-store branches and 180 ATMs in 2009; more branches will be added to Giant locations in the next 10 years.

"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," Joseph C. Guyaux, president of PNC, said in a statement.

"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," he said.

Chevy Chase Bank currently has in-store branches in Giant stores in the Greater Washington and Baltimore areas, but the company said over the summer that it was closing those branches to focus on its stand-alone stores. Last week, Provident Bankshares Corp. announced that it would buy the deposits from seven Chevy Chase branches located in Baltimore Giant stores.

PNC has more than 60 branches in supermarkets on the East Coast, including branches in Giant affiliate Stop & Shop in New Jersey.

Financial terms of the agreement were not disclosed.