PNC to Acquire FirstBank for $4.1 Billion, CEO Kevin Classen to Lead Colorado Region

PNC Financial Services Group has agreed to acquire FirstBank Holding Company in a $4.1 bln deal, expected to close in early 2026. The acquisition aligns with PNC's strategy of scaling its franchise in growth markets. FirstBank CEO Kevin Classen will become PNC's Colorado Regional President and Mountain Territory Executive, overseeing Colorado, Arizona, and Utah. PNC plans to retain all FirstBank branches and staff.

PNC Financial Services Group, Inc. (NYSE: PNC) has announced a definitive agreement to acquire FirstBank Holding Company, including its banking subsidiary FirstBank, headquartered in Lakewood, CO. The transaction, valued at approximately $4.1 billion, is expected to close in early 2026 [1].

FirstBank, with $26.8 billion in assets as of June 30, 2025, provides commercial and retail banking services across Colorado and Arizona. The acquisition will significantly bolster PNC's presence in these fast-growing markets, reinforcing its position as a leading national bank in the United States. The addition of FirstBank's strong presence in Colorado will more than triple PNC's branch network in the state to 120, making it the top market for the bank. In Denver, PNC will become the leading bank in both retail deposit share (20%) and branch share (14%) [1].

Kevin Classen, CEO of FirstBank, will become PNC's Colorado Regional President and Mountain Territory Executive, overseeing Colorado, Arizona, and Utah. PNC plans to retain all FirstBank branches and staff, ensuring continuity for customers and communities served by FirstBank. The boards of directors of both PNC and FirstBank Holding Company have approved the transaction [1].

The acquisition aligns with PNC's strategy to scale its franchise through organic growth and strategic acquisitions. Over the last decade, PNC has consistently achieved double-digit revenue growth in new and acquired markets. FirstBank's straightforward, community-based model mirrors PNC's local approach to banking, allowing PNC to bring the capabilities of a large national bank to FirstBank's clients [1].

FirstBank's stockholders will be entitled to receive merger consideration in PNC common stock or in cash. The transaction is expected to close in early 2026 subject to receipt of all required approvals and other customary closing conditions [1].

References:

[1] https://pnc.mediaroom.com/2025-09-08-PNC-Announces-Agreement-to-Acquire-FirstBank,-Significantly-Growing-its-Presence-in-Colorado-and-Arizona