PNC Financial Services Group has announced a definitive agreement to acquire FirstBank Holding Company, including its banking subsidiary FirstBank, in a $4.1 billion cash-and-stock transaction. Based in Lakewood, Colorado, FirstBank operates 95 branches and manages $26.8 billion in assets as of June 30, 2025. The deal will significantly expand PNC’s footprint in Colorado and Arizona, reinforcing its position as a leading national bank.
The deal will more than triple PNC’s branch network in Colorado to 120 locations, making Denver one of its largest markets for commercial and business banking. PNC will become the top bank in Denver by both retail deposit share (20%) and branch share (14%). In Arizona, PNC will grow to over 70 branches, adding 13 from FirstBank, and plans to expand its corporate and private banking operations.
This acquisition aligns with PNC’s strategy to scale through both organic growth and strategic M&A. Over the past decade, PNC has consistently delivered double-digit revenue growth in new and acquired markets, supported by investments in technology, marketing, and branch expansion.
FirstBank’s community-focused model and legacy of local leadership complement PNC’s approach to regional banking. PNC intends to retain all FirstBank branches and staff, ensuring continuity for customers and communities. Kevin Classen, FirstBank’s CEO, will become PNC’s Colorado Regional President and Mountain Territory Executive, overseeing Colorado, Arizona, and Utah.
The transaction has been approved by both companies’ boards and is expected to close in early 2026, pending regulatory approvals. Shareholders controlling approximately 45.7% of FirstBank’s shares have agreed to support the deal. Upon closing, FirstBank will be merged into PNC Bank, N.A., and its branches will transition to the PNC brand.
Under the terms of the deal, FirstBank shareholders can elect to receive merger consideration in either PNC common stock or cash, subject to certain limitations. The total consideration includes approximately 13.9 million shares of PNC stock and $1.2 billion in cash.
Advisors/counsel/support: Wells Fargo is serving as financial advisor to PNC. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to PNC. Morgan Stanley and Goldman Sachs are serving as co-financial advisors to FirstBank and Sullivan & Cromwell LLP is serving as lead legal advisor.
KEY QUOTES:
“FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees. 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.”
William S. Demchak, chairman and chief executive officer of PNC
“For decades, FirstBank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to our employees. In PNC, we have found a partner that not only values this legacy but is committed to building on it. Their scale, technology and breadth of financial services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive.”
Kevin Classen, chief executive officer of FirstBank
