PNC Bank will replace Capital One as Georgetown’s banking partner, the university announced Tuesday, with a Leavey Center office opening in August.

The switch ends Capital One’s 10-year relationship with Georgetown, which the bank declined to continue in February.

A committee that included representatives from the Georgetown University Student Association, Department of Financial Affairs, Division of Student Affairs, Athletics Department and University Auxiliary Services voted for PNC Bank against eight other contenders. The university declined to disclose the other banks that it considered.

“A committee of Georgetown community members has unanimously chosen PNC Bank as Georgetown’s new banking partner,” Vice President of Finance and Treasurer David Rubenstein wrote in an email to members of the university community Tuesday. “The university’s banking committee found that PNC demonstrated the highest standards of financial stability for our community. … We look forward to working with PNC to provide our community with the highest quality banking system for their financial needs.”

Maggie Moore, communications officer for arts and sciences, said that the committee chose PNC Bank because it fit well with what Georgetown sees as its banking partner’s role.

“The committee chose PNC for their exceptional banking services and alignment with the university on important areas of scholarship and mission-driven programming,” Moore wrote in an email.

University spokesperson Stacy Kerr said that the committee had specific requirements in choosing a new banking partner.

“There’s a convenience factor that we’re committed to maintaining for our university. Also, special rates and special benefits for members, which makes it advantageous for members of our community to join with that partner,” Kerr said in an interview last month. “They also are very mindful of our population, and that for some people, maybe this is the first time that they’re having a bank account, and they’re sensitive and committed to working with our students and population on things like financial literacy, which is really important for financial planning.”

PNC Bank currently provides GOCard services for Georgetown and operates three ATMs on campus, in Darnall Hall, the Leavey Center and Village C West. Roger Wallace, vice president of corporate communications at PNC Bank, said that the bank is eager to further its relationship with the university.

“PNC is very pleased to be chosen as the bank for Georgetown University,” Wallace said. “We look forward to a long and mutually prosperous relationship, and I know we’ll be able to talk further about what we can do when we make an announcement in the next few weeks.”

The new partnership with PNC will include perks for students and faculty who create accounts.

“Students, faculty and staff are eligible for preferred benefits from the university’s official banking partner,” Moore wrote. “We’ve announced the partner and will be working with PNC to announce the range of benefits available through this partnership.”

Wallace said that PNC has plans to release details about benefits in the future, but is not yet ready to divulge them.

“There will be a lot of other programs and features,” Wallace said. “We probably don’t want to get ahead of the curve by talking about what all those things are until we make a public announcement. I can’t get into all the details, but they’re going to be good.”

The university began to consider new banking partners after Capital One did not apply to renew its partnership with Georgetown. Capital One Corporate Communications Officer Amanda Landers said that the bank enjoyed its relationship with the university, but made a strategic decision to move on.

“This was a difficult decision to no longer operate on the campus of Georgetown University and one that our Bank leaders did not take lightly,” Landers wrote in an email last month. “Our relationship with the university has been very positive over the last decade.”

According to Kerr, over 500 faculty members have an account with Capital One, as well as a number of students that is kept confidential. Students and faculty that currently use the bank will not lose their benefits, but they will have to bank in off-campus Capital One locations.

Former Georgetown University Alumni and Student Federal Credit Union CEO Chris Kelly (COL ’14) said before the PNC partnership was announced that the addition of a different bank to campus would not change GUASFCU’s strategy on campus.

“At first, we were trying to think of how it would affect us specifically, and really a bank is a bank is a bank, and the same reasons that we were better than Capital One as far as rates and having a much more lenient fee schedule, much lower fees, being students serving students and having student-centric hours,” Kelley said. “For us, the competitive dynamic really isn’t going to be much different because at the end of the day, it’s just another bank.”

Other students agreed that Georgetown’s new partnership with PNC will have a minimal effect because of GUAFSCU’s established presence on campus.

“I don’t think it will make much of an impact,” Grace Cole (SFS ’17) said. “I think it makes more sense to have a credit union and a bank involved rather than two banks and a credit union. Capital One was just sort of excess.”