PNC Financial Expands Colorado, Arizona Reach With FirstBank Buyout

The PNC Financial Services Group, Inc. PNC has completed its previously announced acquisition of FirstBank Holding Company, including its banking subsidiary, FirstBank, after securing all required regulatory approvals. The acquisition significantly strengthens PNC’s presence in Colorado and Arizona, two of the fastest-growing banking markets in the United States.

With the transaction legally closed, PNC will begin the integration of FirstBank into its national operating platform. Customer account conversion is expected to take place in the summer of 2026. Until the conversion is completed, FirstBank clients will continue to access services through existing branches, digital platforms, and relationship teams, ensuring operational continuity during the transition period.

Following integration, FirstBank will ultimately be merged into PNC Bank, N.A. Further, branches will transition to the PNC brand once the customer system conversion concludes. The company has also reiterated its intention to retain FirstBank’s branches and customer-facing teams to preserve local market continuity.

William S. Demchak, chairman and chief executive officer of PNC Financial, stated, “Today’s legal close is more than a milestone; it is the beginning of a partnership built on shared values and a vision for growth.” Demchak further added that, "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."

Impact of the FirstBank Acquisition on PNC Financial

The acquisition reshapes PNC’s market positioning in high-growth regional markets. It adds $26.8 billion in assets and 95 branches, deepening its presence in Colorado and expanding its reach in Arizona.

With the addition of FirstBank, PNC Financial will more than triple its branch network in Colorado to approximately 120 locations. The transaction also positions the company as the leading bank in Denver by both retail deposit share (20%) and branch share (14%), making the city one of PNC’s largest commercial and business banking markets nationwide.

In Arizona, the transaction also expands PNC’s network to more than 70 branches, including 13 FirstBank locations, enhancing opportunities across commercial, corporate, and private banking.

Management expects the expanded footprint and deeper local relationships to support long-term revenue growth, stronger deposit generation, and improved cross-selling opportunities across PNC’s national product suite.

PNC Financial’s Prior Efforts to Drive Inorganic Growth

The FirstBank acquisition aligns with PNC Financial’s broader strategy of accelerating growth through selective acquisitions and strategic partnerships. In August 2025, PNC Bank completed the acquisition of Aqueduct Capital Group, strengthening fund placement capabilities within its global investment banking arm, Harris Williams.

In 2024, the company collaborated with Plaid to facilitate secure customer data sharing across financial applications. It expanded its collaboration with TCW Group to offer private credit solutions to middle-market companies. Earlier initiatives include the 2022 acquisition of Linga to broaden payment capabilities for hospitality clients and the 2021 integration of BBVA USA, which significantly expanded PNC’s national branch footprint.

Together, these actions are intended to diversify revenue streams, deepen customer relationships and support sustainable long-term growth.

PNC Financial’s Price Performance & Zacks Rank

Over the past six months, PNC's shares have rallied 10% compared with 16.4% growth of the industry.

At present, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Similar Steps Taken by Other Finance Firms

Last week, Pinnacle Financial Partners, Inc. PNFP completed its previously announced all-stock merger with Synovus Financial Corporation, valued at $8.6 billion. With all required shareholder and regulatory approvals in place, the merger closed on Jan. 2, 2026. Following completion, Pinnacle shareholders own approximately 51.5% of the combined company, while Synovus shareholders hold about 48.5%.

The merger creates one of the largest and fastest-growing regional banking platforms in the United States. It combines PNFP’s relationship-driven hiring and client service model with Synovus’ established franchise, deep talent pool and operational capabilities. The transaction positions the combined entity to accelerate organic growth across attractive Southeastern and Atlantic Coast markets.

In the same week, Commerce Bancshares, Inc. CBSH completed the all-stock deal to acquire FineMark Holdings, which was announced in June 2025. The operational system conversion required for full integration is expected to take place in the second half of 2026.

With the transaction now closed, CBSH is positioned to meaningfully expand its private banking and wealth management franchise. The acquisition strengthens Commerce Bancshares’ existing footprint in Florida, while extending its presence into new high-growth markets, including Arizona and South Carolina.

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This article originally published on Zacks Investment Research (zacks.com).

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