PNC Financial to acquire FirstBank Holding for ~$4.1B

[PNC Bank Tower. PNC Financial Services offers Retail, Corporate and Mortgage Banking I]
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PNC Financial Services Group (NYSE:PNC [https://seekingalpha.com/symbol/PNC]) announced [https://seekingalpha.com/pr/20223832-pnc-announces-agreement-to-acquire-firstbank-significantly-growing-its-presence-in-colorado] on Monday a definitive agreement to acquire the Lakewood, CO-headquartered FirstBank Holding for ~$4.1B.

PNC shares were +0.20% pre-market to $204.80.

FirstBank stockholders can elect to receive the merger consideration in shares or cash. The aggregate consideration is comprised of a fixed number of ~13.9M shares and $1.2B in cash.

FirstBank held $26.8B in assets as of June 30.

The boards of both companies have approved the transaction, which is expected to close in early 2026.

PNC plans to retain all of FirstBank's branches and teams.

About 45.7% of FirstBank stockholders have agreed to vote their shares in favor of the transaction.

The acquisition is expected to propel Colorado to one of PNC's top markets nationwide. The deal will more than triple the company's branch network in the state to 120.

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