Nearly 800 Colorado employees to lose jobs at the former FirstBank headquarters in Lakewood

Nearly 800 employees will lose their jobs at the former FirstBank headquarters in Lakewood as PNC Bank consolidates operations following its acquisition of the company.

PNC purchased FirstBank in September for $4.1 billion and recently completed the acquisition after receiving regulatory approvals. In a notice filed with the state, the bank said it plans to lay off 777 employees effective June 30 as part of the integration of the two companies.

PNC says it will now become number one in Denver in both retail deposit share, at 20%, and branch share, at 14%. Denver will now become one of PNC's largest markets for commercial and business banking. The bank already has over 35 branches in Colorado, including nine in Denver, and will now gain about 70 more.  

"It's the beginning of a partnership built on shared values and a vision for growth," PNC chairman and CEO William S. Demchak said in January. "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."

With the legal close complete, PNC officials said the company will begin integrating FirstBank into its national platform, with customer conversion expected to occur this summer. Until then, customers will continue to use existing branches, websites, mobile apps, and relationship teams.

FirstBank CEO Kevin Classen called the acquisition "an exciting new chapter" for the company and its employees.

"With PNC, we gain the scale and resources to expand what we offer, while staying committed to local service and community impact," Classen said in September. "Our teams are working together to ensure a seamless transition and to deliver the same award-winning experience our customers have come to expect."