Pittsburgh-based retail bank PNC Financial Services Group is acquiring Lakewood, Colo.-based FirstBank Holding Co. and its subsidiary FirstBank for $4.1 billion.
The deal increases PNC’s presence in the Mountain West, tripling its number of Colorado branches to 120 and making it the state’s No. 1 bank in retail deposits and branch share. The deal also adds 13 branches for PNC in Arizona, increasing its number of offices in the state to 70. FirstBank had $26.8 billion in assets as of June 30, and operates 95 branches across Colorado and Arizona.
PNC expects to keep all of FirstBank’s branches and staff.
“FirstBank is the standout branch banking franchise in Colorado and Arizona,” said PNC Chair and CEO William Demchak. “Its trusted community relationships and strong retail deposit base make it an ideal partner for PNC.”
FirstBank CEO Kevin Classen will become PNC’s Colorado regional president and Mountain Territory executive, overseeing operations in Arizona and Utah.
San Francisco-based Wells Fargo is PNC’s financial advisor, with New York City-based Wachtell, Lipton, Rosen & Katz providing legal counsel. New York -based Morgan Stanley & Co. and Goldman Sachs & Co. are advising FirstBank, with New York-based Sullivan & Cromwell as legal counsel.