PNC said it entered into an Agreement and Plan of Merger on September 5, 2025 to acquire FirstBank Holding Company, a Colorado corporation, and announced the transaction on September 8, 2025.

1. 01

   PNC said it entered into an Agreement and Plan of Merger on September 5, 2025 to acquire FirstBank Holding Company, a Colorado corporation, and announced the transaction on September 8, 2025.

2. 02

   The company said the merger consideration consists of approximately 13.9 million shares of PNC common stock and $1.2 billion in cash, implying a transaction value of $4.1 billion. FirstBank shareholders may elect to receive the merger consideration in common stock or cash, subject to certain limitations.

3. 03

   The company said FirstBank had $26.8 billion in assets as of June 30, 2025 and operates 95 branches. It said the transaction will increase PNC's branch network in Colorado to 120 branches, more than 3 times its current presence, and add 13 FirstBank branches in Arizona.

4. 04

   The company said the boards of directors of both PNC and FirstBank Holding Company approved the transaction, which is expected to close in early 2026 subject to receipt of all required approvals and other customary closing conditions. It added that FirstBank shareholders holding or having control or direction over approximately 45.7% of FirstBank Holding Company's shares have entered into customary voting and support agreements.

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