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Giant Food, LLC and the PNC Financial Services Group, Inc. yesterday unveiled an exclusive, 10-year agreement under which PNC will provide banking services at Giant supermarket locations in Virginia, Maryland, Delaware, and the District of Columbia.
Financial terms of the agreement were not disclosed.
"Many Giant customers have come to appreciate the convenience of full-service, in-store banking," said Giant's e.v.p. and g.m., Robin Michel. "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."
PNC already has in-store branches in three Delaware Giant Food stores.
PNC, which currently operates 1,100 branches and 4,000 ATM locations, will initially place 41 new full-service, in-store branches and 180 ATMs within Giant locations in 2009. Under the deal, more in-store branches and ATMs will open in existing and new Giant stores during the following 10 years.
The new agreement expands PNC's in-store program, which currently includes over 60 branches at supermarkets in Delaware, Kentucky, Maryland, New Jersey, and Pennsylvania. It additionally builds upon the successful in-store banking relationship in New Jersey between PNC and Giant's fellow Ahold USA banner Stop & Shop.
The Baltimore Sun reported that the first group of new in-store bank branches is slated to open in January. The news follows a week after Baltimore-based Provident Bankshares Corp.'s acquisition of $42 million in deposits from seven Chevy Chase Bank branches scheduled to close in January at Giant stores in the Baltimore area.
Landover, Md.-based Giant Food operates 182 supermarkets in Virginia, Maryland, Delaware, and the District of Columbia, and employs about 21,000 associates. Included within the 182 stores are 163 full-service pharmacies.