PNC Financial To Buy Colorado-Based FirstBank

NEW YORK (AP) — PNC Financial plans to buy Colorado-based FirstBank for $4.1 billion. The acquisition gives PNC a substantial presence in the Colorado banking market and Arizona. FirstBank, typically branded as 1stBank, is a midsized bank with 120 retail branches and roughly $26 billion in assets. The banks disclosed that stockholders owning 45.7% of FirstBank shares have already voted in favor of the merger. PNC has been on an acquisition streak in recent years, aiming to become a major player in retail banking. This deal will make PNC the largest bank in the Denver market and expand its presence in Arizona.