PNC Financial Services Group ($PNC) announced it will acquire FirstBank Holding Co. for $4.1 billion, adding $26.8 billion in assets and nearly 100 branches across Colorado and Arizona. The move strengthens PNC’s national footprint and makes it the top retail deposit lender in Denver.
- Lakewood, Colorado-based FirstBank operates 95 branches, all of which will be retained by PNC.
- The acquisition will triple PNC’s branches in Colorado and give the bank over 15% of the state’s deposits.
- Population and household income growth in Colorado and Arizona are expected to outpace the U.S. average, boosting retail deposit potential.
- PNC’s total assets will approach $600B post-acquisition, narrowing the gap with U.S. Bancorp, the largest regional bank.
- FirstBank investors can choose PNC stock or cash, with the deal structured as 13.9M shares of PNC plus $1.2B in cash.
- The transaction is expected to close early next year, pending regulatory approval.
- Morgan Stanley and Goldman Sachs advised FirstBank; Wells Fargo advised PNC.
Relevant Companies
- PNC – Expands retail banking presence in growth markets and strengthens national scale.
- MS – Served as co-financial adviser to FirstBank.
- GS – Co-financial adviser to FirstBank on the transaction.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
