FirstBank, headquartered in Lakewood, is on the verge of a significant transformation as it prepares for a landmark acquisition by PNC Bank, a major financial institution based in Pittsburgh. The $4.1 billion sale not only symbolizes progress for the bank but also presents a substantial financial windfall for the Reisher family, who hold a significant stake in the institution.
Celebrated as the founding family of FirstBank, Mary and Nancy Reisher, along with the Reisher Family Foundation established by their late father, Roger Reisher, collectively own 38% of the bank according to Federal Reserve documents. The pending acquisition, officially announced on Monday, positions the family to receive approximately $1.5 billion in cash and stock from PNC Bank.
Despite the enormity of the deal, the Reishers have opted to remain private regarding the transaction, as communicated by FirstBank spokeswoman Chandra Brin. “They are a very private family, and don’t plan to do any interviews related to the sale,” she stated. The family’s stake in FirstBank includes 9.9% held by Mary and 10.2% by Nancy, with the foundation controlling 18%. PNC’s deal breaks down to $1.2 billion in cash alongside 13.9 million shares of its stock.
FirstBank CEO Kevin Classen highlighted the significance of the Reisher Family Foundation’s charity endeavors, which have notably benefited Colorado students since its foundation in 2001. Under Roger Reisher’s leadership, the foundation has awarded scholarships to numerous students across institutions such as the University of Colorado Denver and Colorado State University. Of note, in its latest publicly available tax return, the foundation reported donations of $16 million toward scholarships and a valuation of its stake in FirstBank at approximately $390 million, indicating a broader market value of $2.3 billion for the bank in 2023.
In terms of market positioning, FirstBank is the fourth-largest bank in the Denver metro area by deposit market share, and PNC anticipates that this acquisition will elevate it to the top rank when the deal closes, expected in early 2026. As part of the transition, FirstBank’s 82 branches in Colorado and 13 branches in Arizona will rebrand to PNC in the forthcoming year. PNC currently operates 38 branches in Colorado, complemented by a presence in 27 other states and Washington, D.C.
Looking to enhance its foothold in Colorado, PNC previously announced plans to invest $500 million in expanding and renovating branches nationwide, identifying Denver as a key market. With the acquisition, Classen reassured staff and customers alike that consumer-facing employees in branches will retain their jobs, though further details regarding organizational structure remain to be defined.
As for Classen’s future role, he will transition to PNC’s Colorado regional president and mountain territory executive following the deal. He emphasized that the acquisition has been a topic of discussion between himself and PNC CEO Bill Demchak over recent months, particularly during their collaborative work on the Federal Reserve’s advisory council. Classen stated that while FirstBank was not actively seeking an acquisition, the allure of PNC’s technological capabilities and innovative offerings made the partnership appealing.
Classen expressed excitement about the future potential for FirstBank’s business, noting that advancements including cryptocurrency access for customers are on the horizon. As the banking landscape evolves, he underscored the significance of keeping pace with technological advancements, suggesting that adapting to these rapid changes will be essential for FirstBank’s ongoing success.
