PNC Financial Services Group Inc. announced Monday it will acquire FirstBank Holding Co. in a $4.1 billion deal that will dramatically expand its presence across Colorado and Arizona. The high-stakes acquisition—shepherded by powerhouse law firms Wachtell Lipton Rosen & Katz and Sullivan & Cromwell LLP—marks a major move in the competitive U.S. banking sector.
Expanding PNC’s Reach
With the transaction, Pittsburgh-based PNC will absorb FirstBank’s 95 branches and roughly $26.8 billion in assets. The deal nearly triples PNC’s footprint in Colorado, which the bank has dubbed one of its top markets.
In Denver alone, PNC projects its branch market share will jump to 14%, making it one of the bank’s strongest hubs for commercial and business banking.
Why FirstBank?
PNC CEO William S. Demchak praised FirstBank’s deep retail deposit base, unrivaled branch network, and community trust, calling it “an ideal partner for PNC” as the bank eyes growth in the Mountain West.
FirstBank’s CEO Kevin Classen will transition into a key leadership role as PNC’s Colorado regional president and Mountain Territory executive once the acquisition closes.
