PITTSBURGH — In one fell swoop, Pittsburgh’s largest bank more than tripled its branch network in Colorado to 120 and took its Arizona footprint past 70.
PNC, with an organic gameplan still in place, is getting a big strategic boost through acquisition, a strategy back burnered since closing its transformative cash purchase of BBVA USA more than four years ago. But it will trigger adjustments to the big branch expansion PNC announced in early 2024, and then doubled last November.
Early on Monday, PNC Financial Services Group Inc. (NYSE:PNC) said it is buying FirstBank Holding Co. of Lakewood, Colorado, in a $4.1 billion transaction expected to close in early 2026. FirstBank, with assets of $26.8 billion, operates 95 branches — all of which PNC expects to keep, said Alexander Overstrom, head of retail. That’s roughly the same number of branches PNC operates in the 10-county Pittsburgh metro.
The FirstBank deal means some changes to PNC’s $1.5 billion plan to add 200 branches in its new metros into 2029 — Denver was expected to get 15. Phoenix was to add 10.
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