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8h ago

PNC to Acquire Colorado’s FirstBank for $4.1 Billion

An early shareholder vote covering 45.7% of FirstBank signals momentum for regulatory review.

The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen above a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo
FILE - This is the sign on a PNC Bank in downtown Pittsburgh on Wednesday, Jan. 12, 2022. (AP Photo/Gene J. Puskar, file)
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Overview

  • PNC announced a cash‑and‑stock agreement to buy FirstBank for $4.1 billion, with both boards approving the deal and closing targeted for the first quarter of 2026 pending customary approvals.
  • The acquisition would make PNC the largest bank in the Denver market and expand its Arizona network to more than 70 branches.
  • PNC expects to reach roughly $575 billion in assets after completion, reinforcing its position as a super regional bank.
  • FirstBank is a privately held lender based in Lakewood, Colorado, operating about 120 retail branches with roughly $26 billion in assets.
  • FirstBank stockholders owning 45.7% of shares have already voted in favor of the merger.