PNC Financial Services Group has finalized its acquisition of FirstBank Holding Company, which includes its banking operations, following the necessary regulatory approvals and customary closing conditions. This deal aims to enhance PNC’s growth strategy and expand its reach in high-growth areas of Colorado and Arizona.
William S. Demchak, chairman and CEO of PNC, expressed that the completion of the acquisition marks the beginning of a partnership centered on shared values and growth. “By combining FirstBank’s strong local relationships with PNC’s national capabilities, we’re poised to deliver even greater opportunities for our customers and communities,” he said.
With the legal closure complete, PNC will start integrating FirstBank into its operations, with customer transitions expected during the summer. Until then, FirstBank customers will continue to access their services as usual through existing channels. PNC plans to provide customers with detailed information ahead of the conversion.
Kevin Classen, CEO of FirstBank, highlighted the benefits of joining PNC, noting, “With PNC, we gain the scale and resources to expand what we offer, while staying committed to local service and community impact.”
As part of this acquisition, existing shares of FirstBank’s Series B preferred stock will convert into a new series of preferred stock with PNC, designated as Series X. PNC’s board has declared a cash dividend of $18.13 per preferred share, with a payment set for Jan. 29, 2026.
The deal positions PNC to strengthen its presence in key markets and continues its strategy of national expansion. PNC is one of the largest diversified financial services institutions in the U.S., focusing on customer relationships and local banking services.
The primary source was PR Newswire.
