The PNC Financial Services Group, Inc. (NYSE: PNC) shares lost ground in the first hour Monday. This, after the Pittsburgh-based organization announced a definitive agreement to acquire FirstBank Holding Company, including its banking subsidiary FirstBank, headquartered in Lakewood, CO.
FirstBank, with $26.8 billion in assets as of June 30, 2025, provides commercial and retail banking services across Colorado and Arizona. FirstBank operates 95 branches, with a leading position in Colorado and a substantial presence in Arizona. The addition of FirstBank's strong presence in these fast-growing markets will reinforce PNC as a leading national bank in the United States.
The combination will propel Colorado to one of PNC's top markets nationwide, more than tripling PNC's branch network in the state to 120.
“PNC will become #1 in Denver in both retail deposit share1 (20%) and branch share (14%). Denver will become one of PNC's largest markets for commercial and business banking,” to quote this morning’s news release “The transaction will also grow PNC's presence in Arizona to more than 70 branches, adding 13 FirstBank branches. Building on FirstBank's local relationships, PNC intends to expand its corporate and private banking franchises as well.
Said PNC CEO William Demchak, “FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees.”
PNC shares gave up 70 cents to $203.70.
