PNC Financial Services to Acquire FirstBank for $4.1 Billion
PNC Financial Services is set to acquire Colorado-based FirstBank for $4.1 billion, significantly expanding its presence in the U.S. retail banking market. FirstBank, which operates 120 branches and holds $26.7 billion in assets, has gained shareholder support for the merger. This acquisition will make PNC the largest bank in the Denver market and increase its Arizona branches to over 70. With total assets reaching approximately $575 billion, PNC is positioning itself closer to competitors like Capital One and US Bank. The bank has been actively pursuing growth through acquisitions and plans to continue expanding its reach.
What is the value of PNC's acquisition of FirstBank?
The acquisition is valued at $4.1 billion.
How many branches does FirstBank operate?
FirstBank operates 120 branches.
What will be the total assets of PNC after the acquisition?
After the acquisition, PNC's total assets will rise to roughly $575 billion.