The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Colorado Division of Banking recently gave Pittsburgh-based PNC Financial Services Group regulatory approval to complete its purchase of Colorado-based FirstBank Holding Co. and its banking subsidiary FirstBank.
“Final regulatory approval of this acquisition marks an important milestone for PNC as we continue to expand our coast-to-coast franchise and bring our full breadth of capabilities to more customers and communities,” William Demchak, PNC chairman and CEO, said. “We look forward to welcoming FirstBank’s employees and clients to PNC.”
The purchase will allow PNC to increase its presence in the Rocky Mountain region and the Southwest.
PNC will begin the process of integrating FirstBank into PNC’s national platform once the deal closes. Integration will include treasury management, payments and digital banking capabilities with full customer conversion expected midyear.
The deal is expected to close on or around Jan. 5, subject to customary closing conditions.
The PNC Financial Services Group is one of the largest diversified financial services institutions in the United States. Its specialized services for corporations and government entities include corporate banking, real estate finance, asset-based lending, wealth management and asset management.