PNC To Acquire FirstBank In $4.1 Bln Deal
(RTTNews) - The PNC Financial Services Group, Inc. (PNC) on Monday said it has entered into a definitive agreement to acquire FirstBank Holding Company, including its banking subsidiary FirstBank, for about $4.1 billion.
The deal is expected to close in early 2026.
About 45.7% of FirstBank shareholders have already entered into voting agreements supporting the transaction.
Under the terms, FirstBank shareholders may elect to receive the consideration in PNC stock or cash. The deal includes a fixed number of about 13.9 million PNC shares and $1.2 billion in cash.
PNC said the acquisition aligns with its strategy of scaling its franchise in growth markets through both organic expansion and strategic deals.
The company said FirstBank CEO Kevin Classen will become PNC's Colorado Regional President and Mountain Territory Executive, overseeing Colorado, Arizona, and Utah.
PNC plans to retain all FirstBank branches and staff, with a full systems conversion following closing.
In the pre-market trading, PNC is 0.12% lesser at $204.15 on the New York Stock Exchange.
