Pittsburgh-based PNC will acquire Lakewood-based FirstBank for $4.1B, expanding into Colorado and Arizona
PNC Financial Services Group announced on Monday that it would be acquiring FirstBank Holding Company and its Lakewood-based subsidiary, FirstBank, for $4.1 billion in cash and stock. The move means Pittsburgh-based PNC will now expand into Colorado and Arizona.
The acquisition of FirstBank, which operates 95 branches, means PNC will now have a presence through Colorado's Front Range and along the Interstate 70 corridor in most major ski towns, as well as the Phoenix area.
"For decades, FirstBank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to our employees," Kevin Classen, FirstBank CEO, said in a statement. "In PNC, we have found a partner that not only values this legacy but is committed to building on it. Their scale, technology and breadth of financial services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive."
Classen will become PNC's Colorado regional president and Mountain Territory executive, which includes Arizona and Utah.
PNC says it will now become #1 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.
As of Aug. 1, 2025, PNC reported over $559 billion in total assets, and FirstBank reported about $26.8 billion as of June 30.
"FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees," said William S. Demchak, chairman and CEO of PNC. "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."
Both banks boast significant ties to their respective headquarters locations, with FirstBank saying it has raised $500 million for local nonprofits and PNC boasting billions raised for various local and nationwide initiatives. The 1stBank Center in Broomfield hosted countless concerts and sporting events, notably, some high-profile boxing, wrestling, and MMA fights. In 2023, city officials voted to close and demolish the arena.
And PNC Park has been home to the Pittsburgh Pirates since it opened in 2001, and has since hosted concerts like The Rolling Stones, Billy Joel, Bruce Springsteen, Ed Sheeran, Pearl Jam, and other major musical acts.
PNC says it plans to keep all FirstBank branches, and the deal, which has already been approved by both companies' boards of directors, is expected to be complete by early 2026.
