PITTSBURGH and LAKEWOOD, Colo. (PRNewswire) — The PNC Financial Services Group, Inc. announced a definitive agreement to acquire FirstBank Holding Company, including its banking subsidiary FirstBank, headquartered in Lakewood, Colo.
The deal is worth some $4.1 billion.
FirstBank, with $26.8 billion in assets as of June 30, 2025, provides commercial and retail banking services across Colorado and Arizona. FirstBank operates 95 branches, with a leading position in Colorado and a substantial presence in Arizona. The addition of FirstBank’s strong presence in these fast-growing markets will reinforce PNC as a leading national bank in the United States.
The combination will propel Colorado to one of PNC’s top markets nationwide, more than tripling PNC’s branch network in the state to 120. PNC will become #1 in Denver in both retail deposit share1 (20%) and branch share (14%).
Denver will become one of PNC’s largest markets for commercial and business banking. The transaction will also grow PNC’s presence in Arizona to more than 70 branches, adding 13 FirstBank branches. Building on FirstBank’ s local relationships, PNC intends to expand its corporate and private banking franchises as well.
“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 chief executive officer 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.”
The addition of FirstBank is part of PNC’s strategy to scale its franchise through organic growth and strategic acquisition. Over the last decade, PNC has consistently achieved double-digit revenue growth in new and acquired markets, bringing the best of PNC’s people, products, and services to customers, including significant investments in branch expansion, marketing and technology.
FirstBank has a multi-generational commitment to supporting the communities in which it serves, including its sponsorship of Colorado Gives Day, which has raised over $500 million for local nonprofits. PNC intends to build on that tradition to improve quality of life and spur economic empowerment through strategic investments, community development and employee volunteerism.
“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,” said Kevin Classen, chief executive officer of FirstBank. “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.” Under the terms of the agreement, FirstBank stockholders will be entitled to elect to receive the merger consideration in PNC common stock or in cash, subject to certain limitations. The aggregate consideration is comprised of a fixed number of approximately 13.9 million shares of PNC common stock and $1.2 billion in cash and implies a transaction value of $4.1 billion.
