PNC Completes $4.1B FirstBank Acquisition and Declares $1.70 Dividend
PNC completed its $4.1B acquisition of FirstBank Holding on Jan. 5, 2026, adding scale in Colorado and Arizona and targeting customer conversion by summer 2026. PNC declared a $1.70 per share dividend payable Feb. 5, 2026, and will redeem $500M floating-rate and $1.25B 4.775% notes due Jan. 15, 2027 on Jan. 15, 2026.
1. Completion of FirstBank Acquisition
PNC Financial Services Group has finalized its $4.1 billion purchase of FirstBank Holding Company after securing all required regulatory approvals and satisfying customary closing conditions. The deal expands PNC’s footprint in high-growth markets across Colorado and Arizona, adding more than 80 branches and approximately $16 billion in customer deposits. Integration planning is underway, with full customer migration slated for summer 2026. Until conversion, FirstBank clients will continue to access services through existing channels while PNC provides detailed transition guidance.
2. Series B Preferred Stock Conversion and Dividend
Upon closing, all outstanding FirstBank Series B preferred shares automatically converted into PNC’s newly created Series X preferred stock. PNC’s board declared a quarterly cash dividend of $18.13 per Series X share, payable January 29, 2026, to shareholders of record as of January 15, 2026. This dividend reflects PNC’s commitment to preserving value for former FirstBank investors and underscores the combined franchise’s strengthened capital base following the acquisition.
3. Redemption of Senior Notes Due January 2027
PNC Bank, National Association will redeem $500 million of Senior Floating Rate Bank Notes and $1.25 billion of 4.775% Senior Fixed/Floating Rate Notes, each originally due January 15, 2027. The notes will be redeemed on January 15, 2026, at 100% of principal plus accrued interest, with interest ceasing to accrue on the redemption date. Payments will be facilitated through The Depository Trust Company, reducing PNC’s outstanding debt obligations and improving its funding profile ahead of anticipated integration costs.
4. Declaration of Common Stock Dividend
PNC’s board approved a quarterly common dividend of $1.70 per share, payable February 5, 2026, to shareholders of record as of January 20, 2026. This represents a 6.3% increase over the prior quarter and marks PNC’s 17th consecutive annual dividend raise. The decision highlights PNC’s confidence in its earnings outlook and strong capital generation, even as it absorbs the earnings contributions and integration expenses associated with the FirstBank acquisition.