PNC Financial CEO doesn't see a wave of bank deals

[The PNC bank logo on the side of a building, Pittsburgh, Pennsylvania, USA]
Althom/iStock Editorial via Getty Images

PNC Financial CEO Bill Demchak doesn't see a wave of bank deals coming, as banks are in a good place now.

"Right now the environment is so friendly for banks," Demchak said in an interview with CNBC [https://www.cnbc.com/video/2025/09/09/pnc-ceo-bill-demchak-on-firstbank-acquisition-the-environment-is-friendly-for-banks-right-now.html]. "Interest rates are right-sizing, credit is good. Consumers are spending. So everybody feels pretty good. Nobody wants to sell. Banks are usually sold when the economy is in trouble, when somebody has messed up and there's a crisis and I just don't see that. I don't think you are going to see big bank deals. I think life is too easy for banks even ones that aren't necessarily good long-term performers."

Demchak's comments come after PNC on Monday agreed to buy Lakewood, CO-headquartered FirstBank Holding for ~$4.1 billion. [https://seekingalpha.com/news/4492996-pnc-financial-to-acquire-firstbank-holding-for-41b]

"It's a rifle shot into Colorado and Arizona that basically fills out a place we were otherwise building branches," Demchak added. "We don't have to build there anymore. We can focus on new markets to build in. Banks are sold not bought. They had reasons that they thought it was time to sell. It's a gem of a little institution."

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