PITTSBURGH — PNC‘s chief financial officer talked performance and strategy at the Bank of America Financial Services Conference Tuesday, providing more details about a recently closed acquisition, branch expansion and technology investments.
PNC bought FirstBank of Lakewood, Colorado, in a $4.1 billion transaction completed on Jan. 5 with conversion slated for June. PNC’s last bank acquisition was in 2021. FirstBank’s numbers will be part of PNC’s first quarter earnings and will likely boost assets — $573.57 billion at year-end — past $600 billion.
CFO Rob Reilly said the deal is shaping up better than PNC’s enthusiastic expectations last September when it was first announced, largely due to creating cross-selling opportunities.
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