PNC Financial Services Group announced that it has received the final regulatory approvals needed to consummate its $4.1 billion acquisition of FirstBank Holding Company. The approvals were granted by the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Colorado Division of Banking, clearing the last regulatory hurdle for the deal.
The transaction adds 95 FirstBank branches and expands PNC’s footprint in Colorado and Arizona. The parties expect the acquisition to close on or about January 5 2026, after which PNC will integrate FirstBank’s systems and customer base into its national platform. Full customer conversion is slated for mid‑2026, with FirstBank’s CEO Kevin Classen moving into a regional leadership role at PNC.
Strategically, the deal gives PNC a deep retail deposit base and a robust branch network in high‑growth markets. The addition of $23 billion in low‑cost deposits and $26.8 billion in assets is expected to be immediately accretive to earnings per share and to enhance cross‑sell opportunities across PNC’s retail, small‑business, and wealth‑management segments. The acquisition also positions PNC as the largest bank in the Denver market and strengthens its presence in Arizona, supporting the bank’s coast‑to‑coast expansion strategy.
Financially, the deal will lift PNC’s total assets to an estimated $575 billion to $590 billion after closing. The influx of high‑quality deposits is projected to improve net interest margin stability in a rising‑rate environment, while the expanded branch network is expected to drive incremental fee income and support the bank’s long‑term margin expansion goals. PNC’s management has indicated that the transaction will be accretive in the first quarter post‑closing, reflecting the low cost of the acquired deposits and the synergies from consolidating overlapping operations.
William S. Demchak, PNC’s Chairman and CEO, said the regulatory approval marks an “important milestone” in the bank’s expansion agenda and highlighted FirstBank’s “deep retail deposit base, unrivaled branch network in Colorado, growing presence in Arizona, and trusted community relationships” as key reasons for the partnership. Demchak also noted that the acquisition would create new cross‑sell opportunities and reinforce PNC’s commitment to delivering digital and in‑branch services to a broader customer base.
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