PNC Financial Services Group has secured all necessary regulatory approvals to proceed with its acquisition of FirstBank Holding Company and its subsidiary, FirstBank.
The company received clearances from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Colorado Division of Banking.
PNC expects to finalise the transaction by 5 January 2026, pending the completion of standard closing requirements.
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Upon closing the deal, PNC will integrate FirstBank into its national operations, including treasury management, payments, and digital banking services.
The full conversion of FirstBank’s customer accounts is anticipated in mid-2026.
PNC chairman and CEO William Demchak said: “Final regulatory approval of this acquisition marks an important milestone for PNC as we continue to expand our coast-to-coast franchise and bring our full breadth of capabilities to more customers and communities.
“We look forward to welcoming FirstBank’s employees and clients to PNC.”
The transaction was first announced in September this year, when PNC entered into a definitive agreement to acquire FirstBank Holding Company.
Under the agreement, the deal includes around 13.9 million shares of PNC common stock and $1.2bn in cash, bringing the total transaction value to $4.1bn.
Based in Lakewood, Colorado, FirstBank privately held bank with assets totalling $26.8bn as of 30 June 2025.
The bank provides retail and commercial banking services through 95 branches located across Colorado and Arizona.
This acquisition is expected to expand PNC’s reach in the Rocky Mountain region and Southwest, particularly in Colorado and Arizona.
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