PNC expands into Colorado and Arizona by acquiring FirstBank for $4.1 billion

In a significant financial move, PNC Financial Services Group announced in September 2025 that it would acquire FirstBank Holding Company, based in Lakewood, Colorado, for approximately $4.1 billion. This acquisition marks PNC's entry into the states of Colorado and Arizona, extending its reach into new markets. Currently, FirstBank operates 95 branches primarily situated along Colorado’s Front Range and in major ski towns, as well as in the Phoenix area. This expansion is expected to bolster PNC’s retail banking presence, which already includes over 35 branches in Colorado, including nine in Denver. FirstBank's management, particularly its CEO Kevin Classen, has expressed optimism about the acquisition. Classen will step into the role of Colorado regional president and Mountain Territory executive for PNC, which also encompasses Arizona and Utah. The partnership aims to uphold FirstBank's established legacy of community engagement and customer relations, a commitment that resonated with PNC’s leadership. William S. Demchak, PNC’s chairman and CEO, has praised FirstBank as the leading branch banking franchise in Colorado and Arizona, highlighting its deep retail deposit base and robust community ties. The transaction has already secured approval from both companies' boards and is projected to conclude by early 2026. Once finalized, PNC will rise to the top position in Denver regarding both retail deposit share, with a significant 20%, and branch share, at 14%. This newfound dominance in Denver will make it one of PNC's most notable markets for commercial and business banking operations. The consolidation of FirstBank’s operations will also allow PNC to expand its footprint into key areas, significantly increasing the overall branch network available to customers. Both financial institutions have a history of supporting local causes, with FirstBank reportedly raising $500 million for local nonprofits and PNC claiming multiple fundraising initiatives for both local and national purposes. Furthermore, this acquisition represents not only a strategic financial move for PNC but also a valuable opportunity to nurture existing community relationships, potentially enhancing service and trust in the regions where both banks will operate. The commitment to maintaining all FirstBank branches indicates a strategic focus on enhancing customer accessibility and engagement throughout the transition.