The PNC Financial Services Group has agreed to acquire FirstBank Holding Co., headquartered in Lakewood. This acquisition will significantly enhance PNC’s presence in Colorado and Arizona.
As of June 30, 2025, FirstBank had $26.8 billion in assets and operated 95 branches primarily in Colorado and Arizona. The deal will substantially increase PNC’s branch network in Colorado from 40 to 120 locations, making it the top bank in Denver for retail deposits and branches. PNC’s branch presence in Arizona will also grow to over 70 branches with the addition of 13 FirstBank locations.
PNC plans to retain all of FirstBank’s branches and staff, ensuring continuity for customers. Following the transaction, which is expected to finalize in early 2026, FirstBank will be merged into PNC Bank.
“FirstBank is the standout branch banking franchise in Colorado and Arizona,” said William S. Demchak, chairman and chief executive officer of PNC. “Its deep retail deposit base…make it an ideal partner for PNC.”
This acquisition is part of PNC’s strategy to enhance its national market presence through growth and strategic acquisitions. PNC has a history of expanding its services and community support efforts, having deployed over $85 billion in its Community Benefits Plan nationally in recent years.
Kevin Classen, the CEO of FirstBank, will transition to PNC’s Colorado regional president and mountain territory executive, covering Arizona and Utah.
The agreement has received approval from the boards of both companies. FirstBank shareholders controlling about 45.7% of the shares have agreed to support the transaction, which is valued at approximately $4.1 billion, including both stock and cash considerations.
