PNC Secures Regulatory Approval to Acquire FirstBank for $4.1bn

PNC Financial Services has received all required regulatory approvals to complete its acquisition of FirstBank, clearing the way for the $4.1bn deal to close in early 2026.

The bank said approvals have been granted by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Colorado Division of Banking.

Subject to the satisfaction of customary closing conditions, PNC expects the transaction to complete on or about 5 January 2026.

Following completion, PNC will begin integrating FirstBank into its national platform, including its treasury management, payments, and digital banking capabilities. Meanwhile, full customer conversion is expected to take place in mid-2026.

The acquisition is designed to accelerate PNC’s expansion and move the bank closer to a coast-to-coast presence. FirstBank brings $26.8bn in assets and 95 branches across Colorado and Arizona, where it has a strong position in both commercial and retail banking.

The combination will significantly strengthen PNC’s footprint in two fast-growing markets and aligns with its strategy of scaling through a mix of organic growth and targeted acquisitions.

In Colorado, the deal will more than triple PNC’s branch network to around 120 locations, making the state one of the bank’s largest markets.

In Denver, PNC is expected to become the leading bank by retail deposit share at 20 percent, as well as the top bank by branch share with 14 percent, positioning the city as a major hub for its commercial and business banking operations. PNC’s presence in Arizona will also expand to more than 70 branches, including 13 former FirstBank locations.

Building on FirstBank’s local relationships, PNC said it plans to further grow its corporate and private banking franchises in both states following completion of the deal.