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PNC completes FirstBank acquisition in Colorado, Arizona
ColoradoBiz Staff //January 5, 2026//
PITTSBURGH and LAKEWOOD, Colo. — The PNC Financial Services Group Inc. said Monday it has completed its acquisition of FirstBank Holding Co., including its banking subsidiary, FirstBank, after receiving all required regulatory approvals and meeting customary closing conditions.
In Brief:
- PNC completes acquisition of FirstBank after regulatory approvals
- Deal expands PNC presence in Colorado and Arizona growth markets
- Customer conversion to PNC platform expected this summer
- FirstBank preferred shares convert to new PNC Series X stock
The transaction advances PNC’s growth strategy and expands its presence in high-growth communities in Colorado and Arizona.
“Today’s legal close is more than a milestone. It marks the beginning of a partnership built on shared values and a vision for growth,” said William S. Demchak, chairman and chief executive officer of PNC. “By combining FirstBank’s strong local relationships with PNC’s national capabilities, we are positioned to deliver greater opportunities for customers and communities.”
With the legal close complete, PNC will begin integrating FirstBank into its national platform. Customer conversion is expected this summer. Until then, FirstBank customers will continue to use their existing branches, websites, mobile apps and relationship teams. PNC said it will provide detailed information to customers ahead of the conversion.
“Joining PNC marks an exciting new chapter for FirstBank, our employees and the communities we serve,” said Kevin Classen, chief executive officer of FirstBank. “We are proud of our legacy and grateful for the trust our customers have placed in us. With PNC, we gain the scale and resources to expand our offerings while remaining committed to local service and community impact.”
As part of the acquisition, shares of FirstBank Holding Co.’s Series B preferred stock that were issued and outstanding immediately before the close were automatically converted into a newly created PNC series of preferred stock, designated Series X. PNC’s board declared a quarterly cash dividend on the Series X preferred stock of $18.13 per share to shareholders of record as of the close of business Jan. 15, 2026. The dividend is payable Jan. 29, 2026.
FirstBank is headquartered in Lakewood, Colorado. PNC said the acquisition adds scale in key growth markets and supports the company’s national expansion strategy.
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