PNC to Buy FirstBank for $4.1 Billion, Adding 95 Branches in Colorado and Arizona

(September 9, 2025) – PNC Financial Services Group, Inc. (NYSE: PNC) has announced an agreement to acquire FirstBank Holding Company in a deal valued at approximately $4.1 billion, a move that will significantly expand PNC’s presence in Colorado and Arizona.

Under the terms of the agreement, FirstBank shareholders will receive a combination of approximately 13.9 million shares of PNC common stock and $1.2 billion in cash. The transaction has been approved by both companies’ boards of directors and is expected to close in early 2026, subject to regulatory approvals and customary closing conditions.

Following completion of the acquisition, FirstBank’s branches will be rebranded and integrated into PNC Bank, N.A., adding more than 95 locations and approximately $26.8 billion in assets to PNC’s network.

PNC Chairman, President and Chief Executive Officer William S. Demchak said the deal reflects PNC’s long-term growth strategy:

“This acquisition represents a compelling opportunity to expand into markets that are attractive for both our retail and commercial businesses. FirstBank’s strong customer base and community presence provide us with a solid foundation to accelerate growth across the Rocky Mountain West and the Southwest.”

FirstBank, founded in 1963 and headquartered in Lakewood, Colorado, is one of the largest privately held banks in the United States. The acquisition will provide PNC with an expanded footprint in both Colorado, where FirstBank has deep roots, and Arizona, one of the nation’s fastest-growing markets.

Advisors on the transaction include Wells Fargo Securities, LLC as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel for PNC. Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC served as financial advisors to FirstBank, with Sullivan & Cromwell LLP providing legal counsel.

The deal positions PNC to compete more aggressively in the western U.S., following its 2021 acquisition of BBVA USA, and underscores the ongoing consolidation trend in the U.S. banking sector.