PNC to Acquire FirstBank Holding for $4.1 Billion, Expanding in Colorado and Arizona

Lead: PNC Financial announced on Monday it will acquire FirstBank Holding in a $4.1 billion cash-and-stock deal, aiming to strengthen its footprint in Colorado and Arizona markets.

Nut Graf: The acquisition of FirstBank, a Lakewood, Colorado-based lender with $26.8 billion in assets and 95 branches, allows PNC to accelerate its coast-to-coast expansion strategy and compete more directly with larger regional banks in fast-growing western markets.

Key deal terms:

• Purchase price: $4.1 billion, comprising $1.2 billion in cash and 13.9 million PNC shares
• Assets added: $26.8 billion under management
• Branches acquired: 95 locations across Colorado and Arizona
• Timeline: Expected close in early 2026, pending regulatory and shareholder approvals

Strategic rationale

PNC’s acquisition propels its total assets toward $600 billion, narrowing the gap with peers such as U.S. Bancorp. By tripling its branch network in Colorado and adding over a dozen locations in Arizona, PNC targets increased deposit shares, retail banking scale, and access to new customer segments.

Leadership and integration

Kevin Classen, FirstBank’s CEO, will join PNC as Colorado Regional President and Mountain Territory Executive, overseeing operations in Colorado, Arizona, and Utah. This leadership continuity aims to preserve local relationships and streamline the integration process.

Advisory teams

• PNC advised by Wells Fargo
• FirstBank advised by Morgan Stanley and Goldman Sachs

Next steps

Regulatory review and FirstBank shareholder vote are anticipated in late 2025, with conversion planning slated for early 2026 and systems integration to follow mid-year.