PNC completes acquisition of FirstBank

The PNC Financial Services Group has completed its acquisition of FirstBank Holding Company, including its banking subsidiary, FirstBank, following receipt of all required regulatory approvals and satisfaction of customary closing conditions. The transaction further advances PNC's strategic growth strategy and expands the bank's presence across high-growth communities in Colorado and Arizona.

"The legal close is more than a milestone, it's the beginning of a partnership built on shared values and a vision for growth," said William S. Demchak, chairman and CEO of PNC. "By combining FirstBank's strong local relationships with PNC's national capabilities, we're poised to deliver even greater opportunities for our customers and communities."

With legal close now complete, PNC will begin the process of integrating FirstBank into its national platform. Customer conversion is expected to occur this summer. Until then, FirstBank customers will continue to be served through their current branches, websites, mobile apps and relationship teams. PNC will provide comprehensive information to FirstBank customers prior to the conversion.

"Joining PNC marks an exciting new chapter for FirstBank, our employees and the communities we serve. We are proud of our legacy and grateful for the trust our customers have placed in us," said Kevin Classen, CEO of FirstBank. "With PNC, we gain the scale and resources to expand what we offer, while staying committed to local service and community impact. Our teams are working together to ensure a seamless transition and to deliver the same award-winning experience our customers have come to expect."

In connection with the acquisition, shares of FirstBank Holding Company's Series B preferred stock that were issued and outstanding immediately prior to the legal close are automatically being converted into a newly created series of preferred stock of PNC, designated Series X. The board of directors of PNC has declared a quarterly cash dividend on the Series X preferred stock to shareholders of record as of the close of business on 15 January 2026, in the amount of $18.13 per preferred share with a payment date of 29 January 2026.

FirstBank, headquartered in Lakewood, Colorado, adds meaningful scale to PNC's reach in key growth markets and reinforces the company's national expansion strategy.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organised around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialised services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

Re-disseminated by Wealth and Society