The PNC Financial Services Group has reached a definitive agreement to acquire FirstBank Holding Company, the Lakewood, Colorado-based parent of FirstBank.
The deal, valued at USD 4.1 billion, is expected to close in early 2026 pending regulatory approvals and shareholder consent. Under the agreement, FirstBank shareholders may choose to receive compensation in PNC common stock or cash, subject to limits. The transaction involves roughly 13.9 million PNC shares along with USD 1.2 billion in cash. Both companies’ boards of directors have approved the arrangement, and nearly half of FirstBank’s shareholders have entered voting agreements supporting the merger.
Expansion in Colorado and Arizona
FirstBank operates 95 branches, with USD 26.8 billion in assets as of June 2025. It has a presence in Colorado and a growing footprint in Arizona. The acquisition will expand PNC’s Colorado network to 120 branches, giving it a leading retail deposit and branch share in the Denver area. In Arizona, PNC’s branch total will rise to more than 70 following the addition of 13 FirstBank locations.
PNC officials stated that integrating FirstBank’s operations will strengthen its position as a national bank, while continuing to focus on regional markets. They indicated that the combination would allow PNC to widen services for commercial, corporate and private banking clients in both states.
Representatives from FirstBank noted that the institution has prioritised community involvement for decades, including support for initiatives such as Colorado Gives Day. They added that aligning with PNC would provide broader resources for customers while preserving continuity for employees and communities.
PNC said it plans to retain all FirstBank branches and customer-facing staff. It’s worth noting that a FirstBank executive will take a regional leadership role within PNC following the merger. Advisors to the deal include Wells Fargo for PNC, with legal support from Wachtell, Lipton, Rosen & Katz. FirstBank is being advised by Morgan Stanley, Goldman Sachs, and Sullivan & Cromwell.
