PNC Financial Group Takes Over FirstBank for $4.1 Billion

The PNC Financial Services Group, one of the largest diversified financial services institutions in the United States has agreed to acquire FirstBank Holding Company, including its banking subsidiary FirstBank, headquartered in Lakewood, Colorado for $4.1 billion.

The transaction is expected to close in early 2026 subject to receipt of all required approvals and other customary closing conditions.

FirstBank, with $26.8 billion in assets as of 30 June 2025, provides commercial and retail banking services across Colorado and Arizona. It operates 95 branches, with a leading position in Colorado and a substantial presence in Arizona. The addition of FirstBank’s strong presence in these fast-growing markets will reinforce PNC as a leading national bank in the United States.

The combination will propel Colorado to one of PNC’s top markets nationwide, more than tripling PNC’s branch network in the state to 120. PNC will become number one bank in Denver in both retail deposit share (20%) and branch share (14%).

Denver will become one of PNC’s largest markets for commercial and business banking and the transaction will also grow PNC’s presence in Arizona to more than 70 branches, adding 13 FirstBank branches. Building on FirstBank’s local relationships, PNC intends to expand its corporate and private banking franchises as well.

PNC Chairman and CEO William S Demchak said that 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,” he added.

PNC’s Consistent Growth

The addition of FirstBank is part of PNC’s strategy to scale its franchise through organic growth and strategic acquisition. Over the last decade, PNC has consistently achieved double-digit revenue growth in new and acquired markets, bringing the best of PNC’s people, products, and services to customers, including significant investments in branch expansion, marketing and technology.

FirstBank has a multi-generational commitment to supporting the communities in which it serves, including its sponsorship of Colorado Gives Day, which has raised over $500 million for local non-profits.

Over the last three years, PNC’s Community Benefits Plan (CBP) has deployed more than $85 billion nationwide in support of affordable housing, economic development and small businesses, contributing $3.4 billion in Colorado and in Arizona.

PNC Grow Up Great, an over $500 million initiative to prepare children from birth to age 5 for success in school and life through high-quality bilingual early childhood education programs and resources, has also fostered more than 1.2 million employee volunteer hours.

FirstBank CEO Kevin Classen said that for decades, his bank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to its 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,” he added.

Kevin Classen will become PNC’s Colorado Regional President and Mountain Territory Executive, which includes Arizona and Utah, continuing to lead with local expertise and trusted relationships. PNC plans to retain all of FirstBank’s branches and FirstBank’s exceptional customer-facing branch teams, ensuring continuity for customers, employees and the communities FirstBank serves.

Under the terms of the agreement, FirstBank stockholders will be entitled to elect to receive the merger consideration in PNC common stock or in cash, subject to certain limitations. The aggregate consideration is comprised of a fixed number of approximately 13.9 million shares of PNC common stock and $1.2 billion in cash and implies a transaction value of $4.1 billion.