PNC BANK TO PUT AUTOMATED TELLER MACHINES IN 525 WAWA STORES
of ATMs Located Away from Bank Branches
PHILADELPHIA, March 29 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) and Wawa Food Markets, one of the nation's premier chains of convenience stores, today announced an agreement to place a PNC Bank automated teller machine in every Wawa store.
"We have learned from customer research that there is a growing segment of people who enjoy the convenience of using either a telephone or an automated teller machine to handle routine financial transactions," said Thomas H. O'Brien, chairman and CEO of PNC Bank Corp., based in Pittsburgh. "This agreement to place ATMs in Wawa stores across such a wide geographic area is an ideal opportunity to provide additional points of contact for these customers."
Wawa President and CEO Richard D. Wood Jr. said that his customers list an ATM machine as the Number 1 feature that they want added to Wawa stores.
"Our goal is to provide as many of the products and services that people want, so that we are a complete, convenient, one-stop store," Wood said. "When you think of Wawa now, you think of things like hoagies and coffee. With this deal, you'll also think of ATMs when you think of Wawa."
By joining with a bank in the MAC(R) network to provide ATM services, Wood added, Wawa will help many of its customers avoid the transaction fees typically charged at ATMs not in the MAC(R) network.
PNC Bank is beginning to install machines in the Philadelphia region and the New Jersey shore, and it plans to continue adding about 50 machines per month. Plans call for all 525 Wawa stores in Pennsylvania, New Jersey, Delaware, Maryland and Connecticut to have an ATM by the end of 1995.
Prior to this agreement, PNC Bank operated ATMs in 102 Wawa stores in Pennsylvania, New Jersey and Delaware. The 400-plus additional ATMs will give PNC Bank more than 900 "off-site" ATMs. The agreement will make PNC Bank the nation's fifth-largest operator of ATMs installed at locations other than bank branches, such as convenience stores, shopping malls, work sites and supermarkets. PNC Bank will be the nation's third-largest bank operator of off-site ATMs.
The agreement to place ATMs in Wawa stores, in combination with PNC Bank's recent announcement of a definitive agreement to buy Chemical Bank's 84-branch network in 15 New Jersey counties, will give PNC Bank a major presence throughout the Philadelphia metropolitan region and in the Garden State, and it will make PNC Bank easily accessible to customers.
Integration of the Chemical New Jersey branches into PNC Bank is being managed by Richard L. Smoot, president and CEO of PNC Bank, Philadelphia. Smoot described the agreement with Wawa as an integral part of the bank's strategy to make it easy for customers to do business with PNC Bank, by providing all of the bank's products and services in their communities, and by giving them ready electronic access to complete their banking transactions.
The ATMs in Wawa stores will provide PNC Bank with fee income that is not subject to economic trends or interest rate fluctuations, Smoot pointed out.
Wawa's Wood estimates that the ATMs will result in approximately 25 million transactions with existing and new customers. Another business benefit to Wawa is that by giving customers ready access to cash through the ATMs, the stores continue their emphasis on providing one-stop customer convenience, giving customers an additional reason to shop in its stores more frequently, Wood said.
Initially, the new machines will dispense cash, answer balance inquiries and conduct transfers.
PNC Bank Corp. is one of the largest banking organizations in the United States. It operates community banking offices across Pennsylvania, Delaware, Ohio, Kentucky and Indiana and mortgage offices in 31 states. PNC Bank's major businesses include consumer banking; mortgage banking; corporate banking; investment management and trust; mutual funds; and investment banking.
Wawa Food Markets is a chain of 525 convenience stores in Pennsylvania, New Jersey, Delaware, Maryland and Connecticut. From award-wining Wawa coffee (two-time recipient of the Best of Philly award) to freshly made hoagies, Wawa's food service offerings cover all parts of the day. Fresh produce provides a significant point of distinction from other convenience stores. The recipient of the 1993 national Master Dairies award, Wawa Dairy Farms has provided quality, fresh dairy products to its communities for almost a century.
-0- 3/29/95 /Editors' Advisory: Available for comment are:
-- Frederick C. Frank III, executive vice president, PNC Bank, Philadelphia.
-- Richard D. Wood Jr., president and CEO, Wawa Food Markets.
-- Howard Stoeckel, vice president for marketing, Wawa Food Markets./
/CONTACT: Mark Eyerly of PNC Bank, 215-585-5437, or Belle Gauvry of The Tierney Group, 215-732-4100, for Wawa Food Markets/
CO: PNC Bank Corp.; Wawa Food Markets ST: Pennsylvania IN: FIN SU: PDT
MK-LJ -- PH005 -- 1741 03/29/95 09:06 EST