FirstBank, Colorado’s largest privately-owned bank, has accepted a significant buyout offer from PNC Financial Services Group, a prominent regional banking institution based in Pittsburgh. The deal, valued at approximately $4.1 billion in cash and stock, will mark a pivotal transition for the Lakewood-based bank, which has experienced substantial growth since its inception in 1963, amassing $26.8 billion in assets and operating 95 branches.
Kevin Classen, FirstBank’s CEO, expressed enthusiasm about the merger, emphasizing the advantages it presents for all stakeholders involved. He highlighted that the banking industry’s “technological arms race” has made it increasingly necessary to provide a wider array of services while also operating on a larger scale. Classen underscored that FirstBank was selective in choosing a merger partner, ultimately finding PNC to be the right fit due to their shared values focused on local decision-making and community engagement.
Under the agreement, Classen is set to become PNC’s Colorado regional president and Mountain Territory executive overseeing Arizona and Utah. He reassured customers that the merger would maintain their commitment to “Banking for Good.”
PNC Financial, which was formed in 1983 through the merger of Pittsburgh National Corporation and Provident National Corporation, boasts assets totaling $559 billion and roughly 2,200 branches. While it is not among the top four largest banks in the country, it is notably larger than many regional banks.
William S. Demchak, chairman and CEO of PNC, praised FirstBank for its strong retail banking presence and cherished legacy in Colorado. He indicated that PNC’s long-term objective includes expanding its branch network in Colorado, stating that acquiring FirstBank would move them closer to their goal of operating 200 branches statewide. This acquisition will elevate PNC from being the 12th-largest bank in Colorado in terms of deposits to the second-largest, behind Wells Fargo. It will also position PNC as the largest banking group in the metropolitan Denver area with 20% of consumer deposits.
As part of the deal, FirstBank’s investors will be given a choice between a $1.2 billion cash payout or 13.9 million shares from PNC. Those who choose to retain their stake will see a transition from owning a part of a smaller bank to becoming shareholders in a much larger publicly traded entity, with PNC boasting a market value of $80.5 billion.
In addition to operating seamlessly during and after the transition, PNC executives have committed to maintaining all FirstBank branches and retaining the current client-facing workforce in Colorado and Arizona. Furthermore, PNC plans to honor FirstBank’s tradition of community investment and philanthropic contributions. PNC’s Community Benefits Plan has already allocated more than $85 billion—$3.4 billion specifically in Colorado and Arizona—toward affordable housing, economic development, and support for small businesses. Their initiatives also include the $500 million “Grow Up Great” program aimed at preparing children under five for school through bilingual education resources.
The acquisition is expected to be finalized by early 2026, after which the transition of branding and branches from FirstBank to PNC will take place during a single weekend, as outlined by Demchak.
