PNC Completes Acquisition of FirstBank

Core Viewpoint - PNC Financial Services Group has successfully completed the acquisition of FirstBank Holding Company, enhancing its strategic growth and expanding its presence in high-growth markets in Colorado and Arizona [1][4]. Group 1: Acquisition Details - The acquisition received all necessary regulatory approvals and met customary closing conditions, marking a significant milestone for PNC [1]. - The integration of FirstBank into PNC's national platform will begin immediately, with customer conversion expected to occur in the summer of 2026 [2]. - FirstBank customers will continue to access services through existing branches and digital platforms until the conversion is complete [2]. Group 2: Leadership Statements - PNC's CEO, William S. Demchak, emphasized the partnership's potential to enhance customer opportunities by combining local relationships with national capabilities [2]. - FirstBank's CEO, Kevin Classen, expressed optimism about the merger, highlighting the benefits of scale and resources while maintaining a commitment to local service [3]. Group 3: Financial Implications - As part of the acquisition, FirstBank's Series B preferred stock will be converted into a new series of preferred stock of PNC, designated as Series X [3]. - PNC's board has declared a quarterly cash dividend of $18.13 per preferred share for Series X, payable on January 29, 2026 [3]. Group 4: Strategic Impact - The acquisition adds significant scale to PNC's operations in key growth markets, reinforcing its national expansion strategy [4]. - PNC is recognized as one of the largest diversified financial services institutions in the U.S., focusing on strong customer relationships and local service delivery [5].