PNC · 10-Q · 2026Q2 · Full report

Acquisition / Partnership / Divestiture

PNC FINANCIAL SERVICES GROUP, INC. · 2026-08-05 · Importance 47 · Surprise 60 · In source text

On January 5, 2026, PNC acquired FirstBank Holding Company for $4.2 billion of cash and PNC common stock consideration to common and Series A preferred shareholders, plus $0.1 billion of consideration to Series B preferred shareholders through a preferred-stock exchange. In June 2026, PNC converted approximately 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona, and merged FirstBank into PNC Bank. FirstBank contributed to the second quarter's results for the full quarter and to first-quarter results from the January 5 closing date. The acquisition increased first-half noninterest expense by $218 million through integration costs and increased balance-sheet loans, deposits and investment securities.

Key facts

• In June 2026, PNC converted approximately 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona, merging FirstBank into PNC Bank. source
• Retail Banking increase in first six months of 2026 earnings of $562 million compared to 2025 driven by higher revenue partially offset by higher noninterest expense; net interest income increased due to benefit of FirstBank; noninterest income increased reflecting gain from Visa exchange program and addition of FirstBank customers source
• On January 5, 2026, PNC acquired FirstBank Holding Company including its banking subsidiary, FirstBank, representing $4.2 billion of consideration in cash and PNC common stock to FirstBank Holding Company common shareholders and Series A preferred shareholders, and $0.1 billion of consideration to Series B preferred shareholders through the exchange of each share of Series B preferred stock into a newly created series of preferred stock of PNC, designated Series X. source
• PNC grows its business in part through acquisitions and new strategic initiatives. source

Impact estimates