PNC will take over Chevy Chase Bank branches in Giant stores

PNC Financial Services Group Inc., announced this morning that it will take over 41 former Chevy Chase Bank branches at Giant Food stores in Maryland, Virginia and Delaware.

The financial terms of the 10-year agreement with Landover-based Giant Food were not released. Giant Food had been seeking a new banking partner for its 54 in-store branches after its contract with Chevy Chase expired this summer.

PNC said the bank expects to hire 225 new employees to staff the 41 in-store branches, including 23 in Maryland. The transition is expected to begin immediately, and the first batch of PNC in-store branches will open in January.

The agreement also calls for PNC to add 180 new ATMs in Giant Food stores across the greater Maryland region, Virginia and Delaware.

PNC's news comes on the heels of Baltimore's Provident Bankshares Corp. acquiring $42 million in deposits from seven Chevy Chase Bank branches that are set to close in January at the grocery stores in the Baltimore region.

PNC acquired Baltimore's Mercantile Bankshares Corp. in 2006, giving it a large presence in the region.