PNC Bank co-founder J. Todd Scruggs retires after 28 years of leadership
PNC Bank, a regional powerhouse, has announced the retirement of J. Todd Scruggs from all executive roles and board positions. The departure takes effect on January 5, 2026, marking the end of a 28-year career with the institution. Scruggs co-founded PNC Bank in 1998 and played a key role in its growth over nearly three decades.
Scruggs was one of the two original founders of PNC Bank when it launched as a de novo bank with just $10 million in capital. Over time, his leadership helped expand the institution into a regional powerhouse with over $1 billion in assets. By the time of his retirement, PNC Bank operated more than 20 branches across Virginia.
For most of his tenure, Scruggs served as Chief Financial Officer, a position he held from PNC Bank’s inception until 2025. Robert R. Chapman III, the bank’s CEO, highlighted Scruggs’ financial discipline, strategic wisdom, and steady leadership as critical to its success. Both the company and its board formally acknowledged his decades of service and dedication to PNC Bank’s mission. As of January 5, 2026, online records no longer list PNC Bank or its Virginia locations in search results on Yahoo Finance. The reason for this change remains unconfirmed by official statements.
Scruggs leaves behind a legacy of expansion and stability at PNC Bank. His retirement closes a chapter for the institution, which grew from a small startup to a billion-dollar enterprise under his guidance. The bank has not yet announced any successor for his former roles.
