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Tag: PNC Financial Services Group

  • PNC agrees to acquire FirstBank in $4.1bn deal

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    US-based PNC Financial Services Group has signed a definitive agreement to acquire FirstBank Holding Company, which includes its banking subsidiary, FirstBank.

    The acquisition will involve approximately 13.9 million shares of PNC common stock and $1.2bn in cash, valuing the transaction at $4.1bn.

    FirstBank, which had $26.8bn in assets as of 30 June 2025, offers retail and commercial banking services in Colorado and Arizona, through 95 branches.

    In a statement, PNC said the merger will elevate Colorado to one of PNC’s top markets nationwide, tripling PNC’s branch network in the state to 120.

    It also hopes to achieve the top position in Denver in terms of retail deposit share (20%) and branch share (14%).

    Furthermore, the acquisition will expand PNC’s footprint in Arizona to over 70 branches, with the addition of 13 FirstBank branches.

    PNC chairman and CEO William Demchak said: “FirstBank is the standout branch banking franchise in Colorado and Arizona, with a proud legacy built over generations by its founders, management, and employees.

    “Its deep retail deposit base, unrivalled branch network in Colorado, growing presence in Arizona, and trusted community relationships make it an ideal partner for PNC.”

    Leveraging FirstBank’s local connections, PNC aims to broaden its corporate and private banking services.

    The transaction has received approval from the boards of directors of both PNC and FirstBank Holding Company.

    The deal is anticipated to close in early 2026, pending all necessary approvals and customary closing conditions.

    FirstBank CEO Kevin Classen said: “For decades, FirstBank has been proud to serve Colorado and Arizona with a strong community focus, deep customer relationships and dedicated commitment to our employees.

    “In PNC, we have found a partner that not only values this legacy but is committed to building on it. Their scale, technology and breadth of financial services will allow us to offer even more to our customers, while ensuring that our employees and communities continue to thrive.”

    In November 2024, PNC announced plans to invest an additional $500m to establish more than 100 new branches and renovate 200 existing ones across the US.

    “PNC agrees to acquire FirstBank in $4.1bn deal ” was originally created and published by Retail Banker International, a GlobalData owned brand.

     


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  • S&P index error may have sparked turbulence in Morgan Stanley, Pfizer shares, traders say

    S&P index error may have sparked turbulence in Morgan Stanley, Pfizer shares, traders say

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    By Suzanne McGee and Tatiana Bautzer

    (Reuters) – An error by S&P Dow Jones Indices may have contributed to volatility in shares of Morgan Stanley, Pfizer, PNC Financial Services Group and other stocks in recent days, traders said.

    At issue was a list of pending changes to the Dow Jones U.S. Dividend 100 Index that S&P Dow Jones Indices released late on March 1, naming 10 companies slated for addition to the index and two for deletion. The changes were to take effect on March 18.

    A total of 23 stocks were affected by the changes, according to trading desk notes obtained by Reuters.

    A S&P spokeperson said an unspecified error led to the wrong names being provided to clients.

    S&P Dow Jones issued a replacement pro forma list with a total of 11 additions and three deletions after the market’s close on Tuesday.

    Morgan Stanley and PNC were among the companies that were to be added to the index on the original list.

    Their shares rose on Monday, but gave back those gains on Wednesday. By contrast, shares of Pfizer, which were slated for deletion on the initial list, fell on Monday but rose on Wednesday when the revisions were published and it was clear that it would remain in the index.

    Trading volumes for all three companies were 50% to 80% higher than their 90-day averages this week.

    Morgan Stanley and PNC declined to comment. Pfizer did not immediately respond to a request for comment.

    “This is not that common an occurrence,” said Bryan Armour, an analyst at Morningstar who tracks exchange-traded funds.

    The error triggered a scramble on trading desks to help their own clients unwind trades made in anticipation of what proved to be incorrect upcoming changes, traders said.

    The Dow Jones U.S. Dividend 100 Index is designed to offer investors a benchmark composed of stocks in companies with strong fundamentals and a record of paying high dividends consistently. It is used by some index funds to build portfolios.

    Some traders also seek to buy on announcements of upcoming changes before they take effect and any asset management firms using it as a benchmark must adjust their own portfolios.

    (Reporting by Suzanne McGee; Editing by Ira Iosebashvili and Jamie Freed)

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  • PNC, U.S. Bank closed roughly one in 10 branches in 2023

    PNC, U.S. Bank closed roughly one in 10 branches in 2023

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    The overall pace of bank branch closures slowed in 2023, but certain banks still slashed the size of their brick-and-mortar networks substantially. 

    U.S. banks closed 2,118 branch locations between January and the end of October, according to data from S&P Global Market Intelligence. That was a 19% decrease from the 2,614 branches shut down over the same period in 2022.

    Roughly 22% of the closures were carried out by two super-regional banks — PNC Financial Services Group and U.S. Bancorp — both of which shuttered around 10% of their branches.

    Across the industry, the total number of branches fell for the 14th straight year in 2023. There were 77,690 active bank branches nationwide at the end of October, according to S&P data, down from 79,000 branches at the end of 2022. 

    While larger banks top the list of financial institutions that have trimmed their physical presences in 2023, banks big and small are closing branches to reduce expenses and reinvest some of the resulting savings in their digital capabilities.

    The appeal of saving on staff, facilities and other branch-related costs has driven merger and acquisition activity in recent years, especially at banks with plenty of branches. After longer-than-usual deal approval processes for many of those deals, some acquirers have finally managed in 2023 to execute planned branch closures.

    Here is a closer look at the five banks that closed the largest shares of their branches this year, through October.

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    Orla McCaffrey

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  • Bank of America, Morgan Stanley, Lockheed, Masimo, Novartis, and More Stock Market Movers

    Bank of America, Morgan Stanley, Lockheed, Masimo, Novartis, and More Stock Market Movers

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    This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.

    https://www.barrons.com/articles/stock-market-movers-98396473

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  • JPMorgan, Wells Fargo, Boeing, Lucid, and More Stock Market Movers

    JPMorgan, Wells Fargo, Boeing, Lucid, and More Stock Market Movers

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    This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.

    https://www.barrons.com/articles/stock-market-movers-6336691f

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