PNC Bank plans to acquire Denver-based FirstBank in a $4.1 billion deal that is expected to boost the financial institution’s market share in Arizona.
The subsidiary of Pittsburgh-based PPNC Financial Services Group Inc. (NYSE:PNC) announced Monday that it entered into a definitive agreement to acquire FirstBank Holding Co. — including its banking subsidiary FirstBank — which operates 95 branches in Colorado and 13 in Arizona.
As part of the deal, PNC will grow its presence in Arizona to more than 70 branches by adding FirstBank’s existing locations. PNC also intends to expand its corporate and private banking franchises, according to a company release.
“FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees,” William Demchak, chairman and CEO of PNC Bank, said in a statement. “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.”
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
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