Pittsburgh-based PNC Financial Services Group Inc. completed its acquisition of FirstBank Holding Company, including its banking subsidiary, FirstBank, following receipt of all required regulatory approvals and satisfaction of customary closing conditions.
“Today’s legal close is more than a milestone, it’s the beginning of a partnership built on shared values and a vision for growth,” PNC Chairman and CEO William Demchak said Jan. 5 in a statement. “By combining FirstBank’s strong local relationships with PNC’s national capabilities, we’re poised to deliver even greater opportunities for our customers and communities.”
The transaction will advance PNC’s strategic growth strategy and expand the bank’s presence across high-growth communities in Colorado and Arizona, the company said, noting that it will begin the process of integrating FirstBank into its national platform.
PNC expects customer conversion to occur this summer, and, until then, FirstBank customers will continue to be served through their current branches, websites, mobile apps and relationship teams. PNC said it will provide information to FirstBank customers prior to the conversion.
“Joining PNC marks an exciting new chapter for FirstBank, our employees and the communities we serve,” said Kevin Classen, CEO of FirstBank. “With PNC, we gain the scale and resources to expand what we offer, while staying committed to local service and community impact. Our teams are working together to ensure a seamless transition and to deliver the same award-winning experience our customers have come to expect.”
In connection with the acquisition, shares of FirstBank Holding Company’s Series B preferred stock that were issued and outstanding immediately prior to the legal close are automatically being converted into a newly created series of preferred stock of PNC, designated Series X.
The PNC Board of Directors has declared a quarterly cash dividend on the Series X preferred stock to shareholders of record as of the close of business on Jan. 15 in the amount of $18.13 per preferred share with a payment date of Jan. 29.