PNC Financial Services Group Inc (NYSE:PNC) announced a definitive agreement to acquire Colorado-based FirstBank Holding Company, including its banking subsidiary FirstBank, in a $4.1 billion deal.
The acquisition will expand PNC’s footprint in Colorado and Arizona, adding to its retail and commercial banking presence in these fast-growing markets.
FirstBank operates 95 branches with approximately $26.8 billion in assets.
The deal will increase PNC’s branch network in Colorado to 120 locations, making it the largest bank in the Denver market by retail deposits and branch share.
In Arizona, PNC’s branch count will grow to more than 70.
Under the terms of the agreement, FirstBank shareholders may choose to receive merger consideration in PNC common stock or cash.
The transaction is expected to close in early 2026, pending regulatory approvals and customary closing conditions.
Following the acquisition, FirstBank will be merged into PNC Bank, with branches eventually converting to the PNC name.
PNC plans to retain all FirstBank branches and employees, ensuring continuity for customers and local communities.
Kevin Classen, FirstBank CEO, will assume the role of PNC’s Colorado Regional President and Mountain Territory Executive, overseeing operations in Colorado, Arizona, and Utah.
“FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations,” PNC CEO William Demchak said in a statement.
“Its deep retail deposit base, branch network, and trusted community relationships make it an ideal partner for PNC.”
Shares of PNC traded down 0.6% at $203 on the news.
Source: proactiveinvestors.com
