European Investor
05 Jan 2026, 19:52
PNC Financial Services Group has completed its acquisition of FirstBank Holding Company, including its banking subsidiary, FirstBank, after receiving all required regulatory approvals and meeting customary closing conditions. PNC said the deal supports its strategic growth plan and expands its footprint in what it described as high-growth communities across Colorado and Arizona.
PNC Chairman and CEO William S. Demchak framed the closing as the start of a longer-term partnership, saying the combination brings together FirstBank’s local relationships with PNC’s national capabilities to broaden opportunities for customers and communities. FirstBank CEO Kevin Classen said the transaction provides additional scale and resources while maintaining a focus on local service and community impact, and noted that teams are working together to support a smooth transition.
With the legal close completed, PNC will begin integrating FirstBank into its national platform. Customer conversion is expected to take place in summer 2026; until then, FirstBank customers will continue using their existing branches, digital channels, and relationship teams, with PNC stating it will provide conversion details ahead of the change.
PNC also disclosed a preferred equity mechanics item tied to the transaction: FirstBank Holding Company’s outstanding Series B preferred stock automatically converts into a newly created PNC preferred series designated Series X. PNC’s board declared a quarterly cash dividend on the Series X preferred stock for shareholders of record as of January 15, 2026, set at $18.13 per preferred share, payable January 29, 2026.
PNC Chairman and CEO William S. Demchak framed the closing as the start of a longer-term partnership, saying the combination brings together FirstBank’s local relationships with PNC’s national capabilities to broaden opportunities for customers and communities. FirstBank CEO Kevin Classen said the transaction provides additional scale and resources while maintaining a focus on local service and community impact, and noted that teams are working together to support a smooth transition.
With the legal close completed, PNC will begin integrating FirstBank into its national platform. Customer conversion is expected to take place in summer 2026; until then, FirstBank customers will continue using their existing branches, digital channels, and relationship teams, with PNC stating it will provide conversion details ahead of the change.
PNC also disclosed a preferred equity mechanics item tied to the transaction: FirstBank Holding Company’s outstanding Series B preferred stock automatically converts into a newly created PNC preferred series designated Series X. PNC’s board declared a quarterly cash dividend on the Series X preferred stock for shareholders of record as of January 15, 2026, set at $18.13 per preferred share, payable January 29, 2026.
