Pittsburgh-based PNC Financial Services Group, one of the largest diversified financial services institutions in the United States, recently agreed to purchase Colorado-based FirstBank Holding Company, including its banking subsidiary FirstBank.
FirstBank stockholders will be given the option to receive PNC common stock.
“FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees,” William S. Demchak, PNC chairman and CEO, said. “Its deep retail deposit base, unrivaled branch network in Colorado, growing presence in Arizona, and trusted community relationships make it an ideal partner for PNC.”
The purchase is part of a PNC strategy to scale its franchise through organic growth and strategic acquisition. Once completed, the merger will grow PNC’s presence in Arizona to more than 70 branches and triple its branch network in Colorado. Denver will become one of PNC’s largest markets for commercial and business banking.
PNC has achieved double-digit revenue growth in new and acquired markets over the last decade, including significant investments in branch expansion, marketing and technology.
Once the merge completes, Kevin Classen, FirstBank CEO, will become PNC Colorado Regional president and Mountain Territory executive. PNC will retain all 95 FirstBank branches.