Banks are targeting Charlotte for dozens of new branches
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The new Huntington Bank brand in South End opened in November. Photo: Alexandria Sands/Axios
Ohio-based Huntington is the latest financial institution to add a growing number of bank branches in Charlotte as part of a splashy goal to open dozens in the market.
Why it matters: Banks looking to scale are locked in on Charlotte, the nation's No. 2 finance center, because of the city's job and population growth.
- "When you think about expansion as a bank ... you look at really thriving markets and communities," says Trent Holland, Huntington's regional president for the Carolinas. "Charlotte is right at the top of that list."
The big picture: Huntington's game plan, announced in 2024, is to open approximately 55 branches and hire more than 350 workers in the Carolinas by 2027.
- Meanwhile, Charlotte-headquartered Truist said in August it would open 100 new branches and renovate another 300 over five years in "economically vibrant markets" like Charlotte.
- U.S. Bank would like to double its brick-and-mortar count in Charlotte, its head of branching previously told me.
- And JPMorgan Chase's new south Charlotte branch, which opened last year, was the bank's 1,000th since embarking on a massive U.S. expansion in 2018. CEO Jamie Dimon told Axios that North Carolina "has been a great place for us."
Between the lines: Broadcasting a set bank branch opening goal is a strategic move. The bank is communicating that it's serious about its investments in the region, Holland says.
- "It's planting the flag in Charlotte and saying, 'Hey, your community is important to us,'" he adds.
Yes, but: People can get confused when a bank branch fills an empty retail space or replaces their favorite restaurant. After all, a huge amount of routine banking processes like check depositing is done online nowadays, and banks have steadily closed branches for more than a decade.
- But every executive I ask about this gives the same answer: People still love going to their neighborhood branch.
- "It's really one of those centers where people make big life decisions," Holland says, like financing a car, buying a home or planning retirement. "It runs the gamut of the people who want to sit down with a local banker face-to-face."
- 64% of customers "still rely on branches for conflict resolution when they can't find a way to resolve an issue online," according to an Accenture study published in 2025.
Zoom in: Huntington currently has a SouthPark branch (6700 Fairview Road) and a South End location (124 E. Kingston Ave.) in Charlotte.
- It's planning to open more branches in the Charlotte area, but hasn't confirmed any yet. City permit filings indicate the bank is eyeing the Ballantyne, Myers Park and Wesley Heights neighborhoods.
Zoom out: Following a merger with Cadence Bank, Huntington is now the 10th-largest bank in the U.S., with approximately $279 billion in assets and nearly 1,400 branches in 21 states.
- It opened a regional headquarters in Charlotte in 2023.