PNC to Acquire FirstBank for $4.1B, Boosting Western US Presence
Deal for Colorado-based FirstBank will triple PNC's branch network in the state and significantly expand its Arizona footprint.
The PNC Financial Services Group, Inc. (NYSE: PNC) has announced a definitive agreement to acquire FirstBank Holding Company in a cash-and-stock deal valued at approximately $4.1 billion. The acquisition is a strategic move to significantly expand PNC's footprint in the high-growth markets of Colorado and Arizona, bolstering its position as a leading national bank.
The transaction will bring FirstBank, with its $26.8 billion in assets, under the PNC umbrella. According to the , the deal will more than triple PNC's branch network in Colorado to 120, making it the top bank in Denver for both retail deposit and branch share. The move also grows PNC's presence in Arizona to more than 70 branches.
PNC Chairman and CEO William S. Demchak highlighted the strategic value of the deal in a statement. "FirstBank is the standout branch banking franchise in Colorado and Arizona... 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," Demchak said.
The acquisition comes amid a landscape of increasing consolidation within the banking sector. The deal will bring PNC's total assets closer to $600 billion, narrowing the gap with key rivals like U.S. Bancorp. As noted by , discussions around bank mergers have gained momentum, with executives seeing consolidation as a path to improved profitability.
To ensure a smooth transition, PNC plans to retain all of FirstBank's branches and customer-facing teams. FirstBank's CEO, Kevin Classen, will become PNC's Colorado Regional President and Mountain Territory Executive, providing leadership continuity in the region. The in early 2026, pending customary regulatory approvals.