PNC Financial Services Group has agreed to acquire FirstBank Holding Company, the parent firm of Colorado-based FirstBank, in a deal worth around $4.1bn.
This move will notably extend PNC’s presence in both Colorado and Arizona.
The consideration consists of around 13.9 million shares of PNC common stock and $1.2bn in cash. Stockholders of FirstBank have the option to receive their merger consideration in PNC common stock or cash, subject to specific conditions.
FirstBank, which reported assets totalling $26.8bn as of 30 June 2025, operates 95 branches across Colorado and Arizona, offering commercial and retail banking services.
This acquisition positions PNC to significantly strengthen its market position, especially in Colorado where its branch network will increase to 120 locations. In Denver, PNC aims to become the market leader with a 20% retail deposit share and a 14% branch share, establishing it as one of its largest markets for commercial and business banking.
In Arizona, PNC plans to expand its branch count to over 70 by integrating 13 FirstBank branches. This expansion aligns with PNC’s strategy of enhancing its franchise through both organic growth and strategic acquisitions.
Over the last decade, the company has consistently achieved double-digit revenue growth in new and acquired markets.
PNC chairman and CEO William Demchak said: “FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees.
“Its deep retail deposit base, unrivaled branch network in Colorado, growing presence in Arizona, and trusted community relationships make it an ideal partner for PNC.”
The boards of directors for both PNC and FirstBank have approved the transaction. Completion is anticipated by early 2026 following regulatory approvals and other standard closing conditions.
Shareholders controlling approximately 45.7% of FirstBank’s shares have agreed to vote in favour of the transaction. After closing, FirstBank will merge into PNC Bank with branches rebranded under the latter’s name.
FirstBank CEO Kevin Classen said: “For decades, FirstBank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to our employees.
“In PNC, we have found a partner that not only values this legacy but is committed to building on it. Their scale, technology and breadth of financial services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive.”
Wells Fargo is acting as financial adviser to PNC while Wachtell, Lipton, Rosen & Katz is serving as its legal adviser. For FirstBank, Morgan Stanley & Co. and Goldman Sachs & Co. are financial advisers with Sullivan & Cromwell providing legal advice.
