US-based PNC Financial Services Group will acquire FirstBank Holding Company, including its subsidiary, FirstBank, in a $4.1bn deal. The agreement involves 13.9 million PNC shares and $1.2bn in cash. FirstBank has $26.8bn in assets and operates in Colorado and Arizona with 95 branches. The merger will elevate Colorado to one of PNC’s top markets, tripling its branch network to 120 in the state.

PNC aims to be the top bank in Denver with 20% retail deposit share and 14% branch share. The acquisition will expand PNC’s presence in Arizona to over 70 branches, adding 13 FirstBank locations. FirstBank CEO Kevin Classen sees PNC as a partner that values their legacy, committed to growth and community focus.

The deal, pending regulatory approvals, is expected to close in early 2026. Leveraging FirstBank’s local ties, PNC plans to enhance corporate and private banking services. PNC chairman William Demchak praises FirstBank as a standout franchise, noting its deep roots and community relationships. The agreement has received approval from both boards of directors.

Read more at Yahoo Finance: PNC agrees to acquire FirstBank in $4.1bn deal