- PNC Financial Services has agreed to acquire FirstBank Holding Co. for $4.1B, gaining 95 retail branches across Colorado and Arizona.
- The deal will triple PNC’s Colorado branch presence and make it the top bank in Denver by both retail deposit and branch share.
- FirstBank’s retail locations and employees will be retained and rebranded as PNC Bank, with the transaction expected to close in early 2026.
A Major Western Expansion
PNC Financial Services Group (NYSE: PNC) has announced a definitive agreement to acquire FirstBank Holding Co. The Lakewood, Colorado-based bank will be acquired in a $4.1B deal, reports REBusinessOnline. The acquisition includes FirstBank’s entire retail banking network. It will significantly expand PNC’s footprint in the western US, particularly in Colorado and Arizona.
What PNC Is Getting
Founded in 1963, FirstBank manages $26.8B in assets. It operates 95 branches, with the majority in Colorado and 13 locations in Arizona. The deal adds to PNC’s growing national presence and aligns with its long-term expansion strategy.
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A Community-First Transition
PNC intends to retain all FirstBank retail branches and banking staff, rebranding the locations under the PNC Bank name following the merger. FirstBank CEO Kevin Classen will take on a key leadership role after the merger. He will serve as PNC’s regional president for Colorado and Mountain Territory executive, overseeing Arizona and Utah.
By The Numbers
- The merger will increase PNC’s Colorado branches from 25 to 120, making Colorado one of its largest markets.
- PNC will become the No. 1 retail bank in Denver with 20% deposit share and 14% branch share.
- Arizona’s branch count will rise to more than 70.
Deal Structure
The acquisition includes approximately 13.9M shares of PNC stock and $1.2B in cash. FirstBank shareholders will be able to choose between stock or cash compensation. FirstBank shareholders representing over 45% of shares have agreed to vote in favor of the deal.
Advisors On The Deal
- PNC: Wells Fargo (financial), Wachtell, Lipton, Rosen & Katz (legal)
- FirstBank: Morgan Stanley, Goldman Sachs (financial), Sullivan & Cromwell (legal)
Why It Matters
The deal reinforces the appeal of regional bank consolidation as large national players seek deeper market penetration. With this acquisition, PNC is positioning itself as a dominant player in high-growth Western markets. It will leverage FirstBank’s strong local relationships and customer base.
What’s Next
The transaction, already approved by both boards, is expected to close in early 2026, pending regulatory and shareholder approval. Once complete, PNC will continue integrating FirstBank’s operations and expanding its national retail banking network.
