PNC to Reach Colorado-Expansion Target With FirstBank Takeover

PNC Financial Services Group Inc. will fulfill its goals for expanding across Colorado with the planned takeover of FirstBank Holding Co., and the regional-banking giant will focus its branch-opening effort on other states instead, PNC Chief Executive Officer Bill Demchak said.

Pittsburgh-based PNC agreed to buy FirstBank for about $4.1 billion to add $26.8 billion in assets and branches in Colorado and Arizona. Lakewood, Colorado-based FirstBank operates 95 branches and will make PNC the top lender in Denver by retail deposits, the company said in a statement Monday. It plans to retain all of FirstBank’s locations.