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PNC in its $4.1 billion acquisition of FirstBank

On September 8, 2025, The PNC Financial Services Group, Inc. (NYSE: PNC) and FirstBank Holding Company announced a definitive agreement for PNC to acquire FirstBank, a privately held banking institution, for $4.1 billion.  The tax free transaction, which is structured as a cash election merger with 70% stock and 30% cash, will propel Colorado to one of PNC’s top markets nationwide, more than tripling its branch network in Denver.  PNC will acquire $27 billion of assets in the transaction and move to the top position in Denver in both retail deposit share and branch share as well as increase its presence in Arizona.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to PNC.

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