PNC to Acquire FirstBank in $4.1B Deal, Becoming Top Retail Bank in Denver
The PNC Financial Services Group, Inc. announced an agreement to acquire FirstBank Holding Company, parent of FirstBank, in a transaction valued at $4.1 billion. Headquartered in Lakewood, CO, FirstBank had $26.8 billion in assets and 95 branches as of June 30, 2025, serving commercial and retail customers across Colorado and Arizona.
The deal will transform Colorado into one of PNC’s top markets nationwide by more than tripling its branch network in the state to 120 locations. PNC will become #1 in Denver with a 20% retail deposit share and 14% branch share, while also making Denver one of its largest commercial and business banking markets. In Arizona, PNC’s branch count will exceed 70, bolstered by 13 FirstBank locations.
“FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees,” said William S. Demchak, chairman and CEO of PNC. “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.”
FirstBank CEO Kevin Classen praised the deal, noting: “In PNC, we have found a partner that not only values this legacy but is committed to building on it.” Classen will assume the role of PNC’s Colorado regional president and Mountain Territory executive, overseeing Colorado, Arizona, and Utah.
PNC plans to retain all FirstBank branches and customer-facing staff, with FirstBank merging into PNC Bank, N.A. Under the transaction terms, FirstBank stockholders may elect to receive PNC stock or cash. The aggregate consideration includes 13.9 million shares of stock and $1.2 billion in cash.
The boards of directors of both institutions have approved the deal, which is expected to close in early 2026, pending customary regulatory approvals.
Wells Fargo advised PNC alongside legal counsel Wachtell, Lipton, Rosen & Katz. FirstBank was advised by Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC, with Sullivan & Cromwell LLP as legal counsel.