FirstBank Acquired by PNC | Financial Services M&A Deal

PNC has completed the acquisition of FirstBank, a banking business in Colorado, for $4.1 billion. PNC acquires FirstBank to expand retail and commercial banking capabilities and strengthen customer relationships in the Denver and Lakewood markets. As part of the banking acquisition, PNC acquisitions are integrating operations after the FirstBank acquisition closed in January, while retaining client-facing roles. PNC, a strategic buyer, plans to reduce 777 positions at FirstBank’s Colorado headquarters, with about 410 jobs affected around June 30 and 367 more by July 31, citing role overlap. The merger acquisition includes integration costs of $98 million pre-tax, expected to rise to $325 million as FirstBank is fully absorbed.