FirstBank, PNC Financial Services
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The FirstBank deal means some changes to PNC’s $1.5 billion plan to add 200 branches in its new metros into 2029 — Denver was expected to get 15. Phoenix was to add 10.
PNC Financial plans to buy Colorado-based FirstBank for $4.1 billion. The acquisition gives PNC a substantial presence in the Colorado banking market and Arizona.
Pittsburgh's PNC Financial Services Group said Monday it reached an agreement to acquire Colorado lender FirstBank for $4.1 billion, moving one of the largest regional banks in the US one step closer to becoming a coast-to-coast brand.
FirstBank, Colorado’s largest privately-owned bank, has accepted a buyout offer from PNC Financial Services Group, a growing national bank based in Pittsburgh. PNC will pay cash and stock worth $4.1 billion for the Lakewood-based bank,
Bill Demchak said at an industry conference that PNC effectively "bought Colorado" with its recently announced plan to acquire the $27 billion-asset FirstBank.