PNC’s $4.1B acquisition of FirstBank greenlit by Fed

PNC Corporate Headquarters A sign for PNC Corporate Headquarters marks the block where the offices for the banking corporation are in downtown Pittsburgh on Monday, Oct. 16, 2017, in Pittsburgh. (AP Photo/Keith Srakocic) (Keith Srakocic/AP)

By Patty Tascarella

PNC‘s first bank acquisition in five years is moving forward as the Pittsburgh-based financial institution aims to complete the deal next month.

The Federal Reserve Board has approved PNC’s application to purchase FirstBank, a crucial regulatory step. It already has received the approvals from the Office of the Comptroller of the Currency and the Colorado Division of Banking.

PNC said on Friday that it expects the transaction to close on or about Jan. 5, 2026, subject to the satisfaction of customary closing conditions.

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