PNC To Buy Colorado’s FirstBank for $4.1B In Push To Bolster National Reach: Report
Synopsis
According to a report by The Wall Street Journal, the agreement would increase PNC’s total assets to just under $600 billion.
PNC Financial Services Group (PNC) has reportedly agreed to acquire FirstBank Holding in Colorado for $4.1 billion as it positions itself as a coast-to-coast lender in the U.S. to better compete against its rivals.
PNC Chief Executive Bill Demchak told The Wall Street Journal that the deal accelerates the U.S. bank’s ambitions to strengthen its footprint in the country. The report noted that the agreement would increase PNC’s total assets to just under $600 billion, bringing its size closer to that of rivals such as U.S. Bancorp and Capital One Financial.
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