Tuesday, September 22, 2020

[UPDATE] PNC Bank Makes Quiet Withdrawal From Northlake

PNC Bank has closed its Tucker branch in an outparcel of Briarcliff LaVista shopping center.  The branch, located at 4855 Briarcliff Road, is situated across from both Northlake Mall and Briarcliff Village at the intersection of Briarlciff and Henderson Mill Roads.  Signage posted to the branch's front door indicates that it closed permanently as of 3PM on Friday September 18.  The branch had previously been (and still is, according to the PNC website) closed "temporarily."  The Pittsburgh-based bank will still have a presence in Tucker with their larger branch on Main Street in downtown Tucker.  

A site-plan for the center indicates that the now closed branch was 3,800 square feet, and separate real estate documents indicate the branch was built in 1965 and sits on about a sixth of an acre.  For nearly four decades, the branch was home to Tucker Federal [Savings & Loan], a local financial institution established in 1956, where we set up our very first bank account.  

In 2002, RBC Centura acquired Eagle Bancshares, Inc., parent company of Tucker Federal, bringing to an end the local institution.  A decade later, PNC Bank completed its $3.45 billion acquisition of RBC Centura.

The longtime flagship Tucker Federal at 2355 Main Street in downtown Tucker became an RBC, and later PNC, and continues to operate as one today.  Many of the employees of the shuttered Northlake branch were reportedly offered positions at the Main Street branch.  

Newly released data from the Federal Deposit Insurance Corporation (FDIC) shows that Bank of America had the greatest market share in Atlanta in 2020, holding just over 22% of the city’s deposits as of June 30. The newly created Truist, formerly SunTrust and BB&T, had the second-highest market share this year, with just over 21% of deposits.  Wells Fargo, ranked third in metro area deposits, with  about 20% of deposits in 2020, a roughly 2% increase from 2019. 

PNC also edged up slightly to a nearly 2% market share in Atlanta, good for ninth place overall.  The report indicated that as of June 30, the bank operated 60 branches in Atlanta.  

Recent closures put PNC on track to close almost 160 branches this year and 120 more in 2021, William Demchak, the bank's chairman and CEO, said last week at the Barclays Global Financial Services Conference. 

It's unclear what if any plans PNC has for their now former site, but at least one ToNeTo Atlanta reader is hoping a recent trend of credit unions taking over former banks continues at Northlake with potentially a new Delta Community Credit Union.  

Georgia United last year relocated their LaVista Road branch to a former BB&T branch next to the Northlake Library, while in Dunwoody, Georgia's Own Credit Union is actively renovating a former Fidelity Bank.  In Sharpsburg, another former Fidelity Bank branch is being renovated to become a new location of The Southern Credit Union.  

The former PNC Northlake branch has access off both Briarcliff and Henderson Mill Roads and is in the shadow of Northlake Mall, where Emory Heathcare is expected to bring nearly 2,000 jobs in the coming years. 

Are you surprised by the closure of PNC Bank at Northlake?  Where do you do the majority of your banking?  What would you like to see open in place of PNC near Northlake?

Please share your thoughts below.   


Anonymous said...

That's a classic bit of N'lake architecture! I hope it lives on. I wonder if the rocks are from Stone Mtn?? Seems like only a bank or urgent care would work well there. Sure is taking a long time for the Emory revival of N'lake mall to happen.

Ham said...

Yes, I too hope the classic old building survives in some form. I also had my first bank account at the old Tucker Federal although my Grandparents actually opened it.

Anonymous said...

I heard that Emory was either permanently delaying or has completely pulled out of the Sears store occupation. You might Google it for more or more accurate details.

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