When PNC announced its agreement to acquire FirstBank on September 8, the headlines came fast, and so did the speculation. Some wondered whether Colorado was losing one of its most recognized homegrown banks; a bank long known for community giving, creative business financing, and a people-first approach.
I get it. Change can make anyone uneasy. As CEO of FirstBank, I’ve had to answer many of those questions myself. But here’s what I’ve told customers, businesses and nonprofit partners: this proposed acquisition isn’t about losing what made FirstBank special; it’s about expanding its impact.
Once all required approvals are received and customary closing conditions are met, Colorado isn’t just gaining a bigger bank with more products, services and locations, it’s gaining a stronger partner committed to growth. Here’s how:
1. A Bigger Stage for Colorado Companies
Colorado is set to become one of PNC’s largest markets. That could translate to more lending power, broader expertise, and deeper support for entrepreneurs and corporations alike. And it comes at a good time. In Colorado, 48,600 new business entity filings were recorded in Q1 2025, up 19% quarter over quarter, with several organizations eyeing expansions and relocations into the Centennial State.
2. Local Expertise Meets National Strength
According to American Banker, PNC ranks among the top five U.S. banks by commercial and industrial (C&I) loan volume. That means proven experience helping businesses scale across industries and geographies.
That expertise will also be paired with FirstBank’s local leadership and lending teams who understand Colorado’s business climate and community values inside and out.
PNC has not only committed to retaining all of FirstBank’s customer-facing teams but all Market Presidents and several of our senior leaders have agreed to executive roles at PNC post-conversion, including FirstBank COO Kelly Kaminskas, Chief Banking Officer, Adam Sands, and Chief Credit Officer, John Markovich, to name a few.
3. More Capital, More Possibility
With PNC’s balance sheet behind it, locally-owned or headquartered businesses may be able to access larger loans and specialized services. PNC’s Corporate & Institutional division already serves two-thirds of Fortune 500 companies, proof of its lending capacity. For Colorado’s growing business community, that could mean bigger ideas backed by stronger financial resources.
4. A Boost for Commercial Real Estate Growth
PNC has committed to expanding its Commercial Real Estate (CRE) lending portfolio across Colorado and Arizona, opening the door for more development and investment in key growth areas. From business owners seeking their first storefront to developers shaping Colorado’s next skyline, access to capital might be more attainable.
5. Strengthening Colorado’s Nonprofit Community
Community giving has always been at the heart of FirstBank. From helping launch Colorado Gives Day, which has raised more than $500 million for local nonprofits, to countless grassroots initiatives, the impact has been beyond what any of us imagined.
As someone who has worked at FirstBank for more than 25 years, I can personally attest that our commitment to community is next level. Throughout my career, I’ve had the privilege of serving with organizations such as Community Food Share, the Denver Metro Chamber of Commerce, and the YMCA of Metro Denver Downtown. I’m not the only one. Hundreds of our Officers also serve on nonprofit boards, and our Volunteer Time Off (VTO) program provides more than 45,000 paid hours each year for employees to give back to their communities. But here’s what I want Coloradans to know: PNC is committed to sustaining and expanding that legacy.
- Colorado Gives Day will continue under PNC’s sponsorship.
- Nonprofit partnerships are expected to remain intact and supported.
- Education and equity investments will expand through PNC Grow Up Great®, a $500 million initiative supporting early childhood education and more than 1.2 million hours of employee volunteerism.
6. A Stronger Colorado Economy
Small businesses make up over 90 percent of Colorado’s economy, while the state’s nonprofit sector contributes more than $60 billion annually and supports 180,000 jobs, according to the latest Colorado Nonprofit Economic Impact Analysis. Together, these two forces are the backbone of our state’s growth.
With PNC’s national scale and FirstBank’s local roots, this partnership is positioned to strengthen both sectors; helping businesses grow, supporting community investment, and fueling the economic engine that drives our region forward.
Final thought:
This merger is not about losing a Colorado-based bank. It’s about amplifying what made it great in the first place. With local leadership intact and national resources in play, PNC and FirstBank are building something bigger, stronger, and still unmistakably Colorado.
Kevin Classen is CEO of FirstBank, headquartered in Lakewood, Colorado, where he leads one of the largest privately held banks in the nation. Following the conversion with PNC, he will serve as PNC’s Colorado Regional President and Mountain Territory Executive, overseeing Colorado, Arizona, and Utah. He will continue to lead with local expertise and trusted relationships that have long defined FirstBank’s approach to commercial and community banking.
