PNC Acquires Other Bank In $4.1 Billion Mega-Deal

PITTSBURGH, PA — Pittsburgh's PNC on Monday announced a $4.1 billion deal to acquire Colorado-based FirstBank.

FirstBank, with $26.8 billion in assets as of June, operates in Colorado and Arizona. FirstBank has 95 branches, with a leading position in Colorado and a substantial presence in Arizona. PNC asserted in a news release that the addition of FirstBank's strong presence in these fast-growing markets will reinforce PNC as a leading national bank in the United States.

The combination will propel Colorado to one of PNC's top markets nationwide, more than tripling PNC's branch network in the state to 120. PNC will become the top banking firm in Denver in both retail deposit share1 (20 percent) and branch share (14 percent). Denver will become one of PNC's largest markets for commercial and business banking.

The transaction will also grow PNC's presence in Arizona to more than 70 branches, adding 13 FirstBank branches.

"FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees," said William S. Demchak, chairman and chief executive officer of PNC. "Its deep retail deposit base, unrivaled branch network in Colorado, growing presence in Arizona, and trusted community relationships make it an ideal partner for PNC."