09.08.25

PNC Strengthens Colorado, Arizona Presence With $4.1 Billion FirstBank Deal

by: Arasu Kannagi Basil

U.S. bank PNC Financial announced on Sept. 8 that it will acquire smaller rival FirstBank Holding in a $4.1 billion cash-and-stock deal, expanding into Colorado and Arizona. The acquisition, which includes FirstBank’s 95 branches and $26.8 billion in assets, will bring PNC closer to $600 billion in total assets. FirstBank stockholders will receive 13.9 million PNC shares and $1.2 billion in cash, while FirstBank CEO Kevin Classen will join PNC as Colorado regional president and mountain territory executive. The deal is expected to close in early 2026, reflecting ongoing consolidation in the U.S. retail banking sector.

Read the full article on Reuters