Business

PNC, BB&T on the move in downtown Lexington

New tenants
PNC Bank plans to close its location at 200 West Vine Street on July 22. BB&T will move into the same three floors of the  building with the gold windows by March 1.
New tenants PNC Bank plans to close its location at 200 West Vine Street on July 22. BB&T will move into the same three floors of the building with the gold windows by March 1.

BB&T will be moving its downtown offices early next year, filling a vacancy left by PNC as it consolidates its two downtown locations.

PNC will close its location at 200 West Vine Street — the building well-known for its gold appearance — on July 22. That location will be combined with its Lexington Tower branch at 301 East Main Street at Rose Street.

That location was once a National City Bank, and PNC has operated both branches since it acquired National City in late 2008. Last year, the company closed five locations in Lexington that were close to other branches.

PNC spokesman Fred Solomon said the decision to close the Vine Street location came as part of a systematic review of the company's branch system.

"Our review of our system determined that the Lexington Tower location had capacity," he said, adding that a branch in Decatur, Ill., is also closing this month and that four others nationwide are slated to close next month.

PNC had not been using all of its space on Vine Street, said Farra Alford, managing partner of the building's ownership group, LexCin Ltd.

BB&T has leased the same first three floors of the location, totaling about 34,000 square feet, and intends to operate a branch on the first two and relocate its insurance workers from an office on Harrodsburg Road to fill the third floor.

"We're very excited about it," Alford said. "It's going to be great for our property here."

F. Lee Hess, BB&T's regional president for Central Kentucky, said the space presents numerous advantages over its current location, at 360 East Vine Street, in the curve near where Main and Vine streets intersect with Midland Avenue.

BB&T's current location has no drive-through lanes; the new space will have four plus an additional lane for ATM service.

Hess noted that the space is also in the heart of downtown, "while we're currently on a bit of the periphery."

"It will be more convenient for a lot of our clients and people we would like to do business with," he said.

The new location also will have covered parking and more parking spots, as well as more visible signage.

The target date for the move is March 1.

"It's a ways off, but it's an exciting story and will be good for downtown," Hess said.

BB&T also has room for expansion in the new location.

"It'll accommodate our growth plans quite a bit," Hess said. "As a result of this, we're looking to improve and increase our market share."

With 5.2 percent, BB&T ranked sixth in market share of deposits for Lexington as of June 30, the most recent data available from the Federal Deposit Insurance Corp. PNC ranked fourth with 10 percent. Leading the city in market share were Central Bank (19.8 percent), Chase (17.9 percent) and Fifth Third (16.4 percent). Ranked fifth was Traditional Bank at 5.7 percent.

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