PNC Financial Services Group has concluded the acquisition of FirstBank Holding Company and its banking subsidiary, FirstBank, after receiving all regulatory clearances and meeting closing requirements.
The deal, agreed in September last year, set the acquisition’s value at $4.1bn, including the issuance of around 13.9 million shares of PNC common stock as well as a cash payment of $1.2bn.
Regulatory clearance was obtained in December from the board of governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Colorado Division of Banking.
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With completion now confirmed, PNC will proceed with merging FirstBank into its wider operations.
The transition for FirstBank customers is scheduled for this summer. Until then, they will continue to use their existing accounts and services.
PNC CEO and chairman William Demchak said: “Today’s legal close is more than a milestone, it’s the beginning of a partnership built on shared values and a vision for growth. By combining FirstBank’s strong local relationships with PNC’s national capabilities, we’re poised to deliver even greater opportunities for our customers and communities.”
As part of the deal, FirstBank Holding Company’s Series B preferred shares are being converted into a new preferred stock series under PNC, called Series X.
The acquisition is said to extend PNC’s footprint in Colorado and Arizona.
FirstBank CEO Kevin Classen commented: “Joining PNC marks an exciting new chapter for FirstBank, our employees and the communities we serve. We are proud of our legacy and grateful for the trust our customers have placed in us.
“With PNC, we gain the scale and resources to expand what we offer, while staying committed to local service and community impact. Our teams are working together to ensure a seamless transition and to deliver the same award-winning experience our customers have come to expect.”
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