PITTSBURGH, Pa. – PNC Financial Services Group Inc. announced Monday that it has completed its acquisition of FirstBank Holding Co., including its banking subsidiary, FirstBank, following receipt of all required regulatory approvals and satisfaction of customary closing conditions.
“Today’s legal close is more than a milestone – it’s the beginning of a partnership built on shared values and a vision for growth,” said William S. Demchak, chairman and chief executive officer of PNC. “By combining FirstBank’s strong local relationships with PNC’s national capabilities, we’re poised to deliver even greater opportunities for our customers and communities.”
PNC will begin the process of integrating FirstBank into its national platform. Customer conversion is expected to occur this summer. Until then, FirstBank customers will continue to be served through their current branches, websites, mobile apps and relationship teams. PNC will provide comprehensive information to FirstBank customers prior to the conversion.
“Joining PNC marks an exciting new chapter for FirstBank, our employees and the communities we serve. We are proud of our legacy and grateful for the trust our customers have placed in us,” said Kevin Classen, chief executive officer of FirstBank. “With PNC, we gain the scale and resources to expand what we offer, while staying committed to local service and community impact. Our teams are working together to ensure a seamless transition and to deliver the same award-winning experience our customers have come to expect.”
Also Monday, the PNC Financial Services Group Board of Directors declared a quarterly cash dividend on the common stock of $1.70 per share. The dividend will be payable Feb. 5 to shareholders of record at the close of business Jan. 20.