US-based PNC Financial Services Group has signed a definitive agreement to acquire FirstBank Holding Company, which includes its banking subsidiary, FirstBank.
The acquisition will involve approximately 13.9 million shares of PNC common stock and $1.2bn in cash, valuing the transaction at $4.1bn.
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FirstBank, which had $26.8bn in assets as of 30 June 2025, offers retail and commercial banking services in Colorado and Arizona, through 95 branches.
In a statement, PNC said the merger will elevate Colorado to one of PNC’s top markets nationwide, tripling PNC’s branch network in the state to 120.
It also hopes to achieve the top position in Denver in terms of retail deposit share (20%) and branch share (14%).
Furthermore, the acquisition will expand PNC’s footprint in Arizona to over 70 branches, with the addition of 13 FirstBank branches.
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By GlobalDataPNC 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, unrivalled branch network in Colorado, growing presence in Arizona, and trusted community relationships make it an ideal partner for PNC.”
Leveraging FirstBank’s local connections, PNC aims to broaden its corporate and private banking services.
The transaction has received approval from the boards of directors of both PNC and FirstBank Holding Company.
The deal is anticipated to close in early 2026, pending all necessary approvals and customary closing conditions.
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.”
In November 2024, PNC announced plans to invest an additional $500m to establish more than 100 new branches and renovate 200 existing ones across the US.
