PNC Financial Services Group in Pittsburgh has agreed to buy FirstBank Holding in Lakewood, Colo.
The $559.1 billion-asset PNC said in a press release that it will pay $4.1 billion in cash and stock for the $26.8 billion-asset FirstBank. The deal is expected to close in early 2026.
FirstBank has 95 branches in Colorado and Arizona. PNC intends to expand its corporate and private banking franchises in those markets.
“FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees,” William Demchak, PNC’s chairman and CEO, said in the release. “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.”
Kevin Classen, FirstBank’s CEO, will become PNC’s Colorado regional president.
PNC said it should take a little more than three years to earn back an estimated 3.8% dilution to its tangible book value. The deal should be immediately accretive to PNC’s earnings.
Wells Fargo and Wachtell, Lipton, Rosen & Katz advised PNC. Morgan Stanley, Goldman Sachs, and Sullivan & Cromwell advised FirstBank.