PNC Financial Services Group has reached a definitive agreement to purchase FirstBank Holding Company and its banking subsidiary, FirstBank, in a transaction valued at $4.1 billion.
The Lakewood, Colorado-based FirstBank operates with $26.8 billion in assets as of June 30, 2025, providing commercial and consumer banking services across Arizona and Colorado through 95 branch locations.
The acquisition represents a significant strategic expansion for PNC, particularly in Colorado, where FirstBank holds a dominant market position. The deal will nearly triple PNC’s Colorado branch network from approximately 40 to 120 locations, making Colorado one of PNC’s top-performing markets nationally.
In Denver specifically, PNC will achieve the leading position for retail deposits with 20% market share and branch presence with 14% share.
The transaction also strengthens PNC’s Arizona footprint, expanding it to over 70 branches through the addition of 13 FirstBank locations, creating new opportunities for corporate and private banking services growth.
According to PNC CEO William Demchak, FirstBank’s appeal lies in its cost-effective retail deposit base, extensive Colorado branch network, expanding Arizona operations, and strong community relationships.
The acquisition aligns with PNC’s broader growth strategy of combining organic expansion with strategic purchases to enter or strengthen positions in key markets.
Over the past decade, PNC has demonstrated consistent success in both newly entered and acquired markets, achieving double-digit revenue growth through strategic investments in branches, marketing, and technology infrastructure.
FirstBank CEO Kevin Classen will transition to serve as PNC’s Colorado Regional President and Mountain Territory Executive, overseeing operations across Arizona and Utah. PNC has committed to maintaining all existing FirstBank branch locations and retaining customer-facing branch staff to ensure continuity for customers and employees.
The company plans to preserve FirstBank’s community-focused banking approach while eventually integrating operations into PNC Bank, N.A., and transitioning branches to carry the PNC Bank name.
Both organizations emphasize their strong commitment to community involvement and economic development. FirstBank has supported initiatives like Colorado Gives Day, which has generated over $500 million for local nonprofits over its history.
PNC plans to build on this foundation through its existing community programs, including a Community Benefits Plan that has invested more than $85 billion nationwide over the past three years, with $3.4 billion specifically directed to Colorado and Arizona. The company’s Grow Up Great initiative, a $500 million program focused on early childhood education, has generated over 1.2 million employee volunteer hours.
The $4.1 billion transaction consists of approximately 13.9 million PNC common stock shares and $1.2 billion in cash, with shareholders able to elect their preferred form of consideration subject to certain limitations. Both companies’ boards have approved the deal, and shareholders controlling approximately 45.7% of FirstBank shares have entered into voting agreements to support the transaction.
The acquisition is expected to close in early 2026, pending regulatory approvals and other standard closing conditions. Upon completion, FirstBank will be consolidated into PNC Bank, N.A., with customers eventually transitioning to PNC’s banking platform.
