Pittsburgh-based PNC Financial Services Group, one of the largest diversified financial services institutions in the United States, recently entered into a definitive agreement to purchase Colorado-based FirstBank Holding Company, including its banking subsidiary FirstBank, for an undisclosed amount. FirstBank stockholders will be give the option to receive PNC common stock.
“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 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.”
Once the merge completes, Classen will become PNC Colorado Regional president and Mountain Territory executive. PNC will retain all 95 FirstBank branches.
The purchase is part of a PNC strategy to scale its franchise through organic growth and strategic acquisition. Once completed, the merger will grow PNC’s presence in Arizona to more than 70 branches and triple its branch network in Colorado.
PNC intends to expand its corporate and private banking franchises, building on FirstBank’s local relationships.