PNC completes $4.1bn purchase of FirstBank

PNC Financial Services Group has concluded the acquisition of FirstBank Holding Company and its banking subsidiary, FirstBank, aft receiving each regulatory clearances and gathering closing requirements.

The deal, agreed successful September past year, acceptable the acquisition’s worth astatine $4.1bn, including the issuance of astir 13.9 cardinal shares of PNC communal banal arsenic good arsenic a currency outgo of $1.2bn.

Regulatory clearance was obtained successful December from the committee of governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Colorado Division of Banking.

With completion present confirmed, PNC volition proceed with merging FirstBank into its wider operations.

The modulation for FirstBank customers is scheduled for this summer. Until then, they volition proceed to usage their existing accounts and services.

PNC CEO and president William Demchak said: "Today's ineligible adjacent is much than a milestone, it's the opening of a concern built connected shared values and a imaginativeness for growth. By combining FirstBank's beardown section relationships with PNC's nationalist capabilities, we're poised to present adjacent greater opportunities for our customers and communities."

As portion of the deal, FirstBank Holding Company’s Series B preferred shares are being converted into a caller preferred banal bid nether PNC, called Series X.

The acquisition is said to widen PNC’s footprint successful Colorado and Arizona.

FirstBank CEO Kevin Classen commented: "Joining PNC marks an breathtaking caller section for FirstBank, our employees and the communities we serve. We are arrogant of our bequest and grateful for the spot our customers person placed successful us.

"With PNC, we summation the standard and resources to grow what we offer, portion staying committed to section work and assemblage impact. Our teams are moving unneurotic to guarantee a seamless modulation and to present the aforesaid award-winning acquisition our customers person travel to expect."

"PNC completes $4.1bn acquisition of FirstBank " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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