FirstBank, based in Lakewood, Colorado, has USD26.8 billion in assets and operates 95 branches across the two states. The acquisition will more than triple PNC’s Colorado branches to 120, making it the largest bank in Denver by retail deposit and branch share, and will grow its Arizona footprint to over 70 branches.
“FirstBank’s deep retail deposit base, unrivaled branch network in Colorado, and growing presence in Arizona make it an ideal partner for PNC,” said PNC chairman and CEO William Demchak.
FirstBank CEO Kevin Classen said the deal preserves the bank’s community focus: “In PNC, we have found a partner that values this legacy and is committed to building on it. Their scale, technology, and breadth of services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive.”
Classen will become PNC’s Colorado Regional President and Mountain Territory Executive, covering Arizona and Utah. PNC will retain all FirstBank branches and customer-facing staff to ensure continuity.
Shareholders can elect to receive the merger consideration in PNC stock or cash, comprising roughly 13.9 million PNC shares and USD1.2 billion in cash. The boards of both banks have approved the deal.
The acquisition follows PNC’s broader push to expand nationally, including its USD11.6 billion purchase of BBVA USA and ongoing branch growth in the southwestern US
