PNC Financial, which acquired Colorado’s FirstBank earlier this year, told the state labor department Monday that up to 777 employees at its corporate offices in Lakewood could lose their jobs after June 30.
However, that’s a maximum number, and with job openings in the state, “Impacted employees are encouraged to apply for open roles within PNC and some have already accepted new roles,” a PNC spokesperson said in an email.
PNC is also retaining all employees in client-facing roles, or those who work directly with customers and businesses. At the end of 2024, FirstBank employed 2,648 people, according to the company.
“As part of the integration process, we have done a careful review of roles with FirstBank and PNC and where overlap occurs. This has resulted in organizational changes, primarily in Colorado,” said the spokesperson in an email. “While these decisions are never easy, we believe they will help us more effectively deliver for our clients.”
PNC’s merger with the privately held FirstBank was announced last fall in a $4.1 billion deal to help PNC expand its banking services into Colorado. At the time, FirstBank operated 95 branches. All are being converted to PNC banks. The deal tripled PNC’s branches in the state to 120, making it one of the largest banks in Denver, according to the company.
The company also plans to make Denver a strategic technology location, because of the local technology talent, the company said.
The integration has been ongoing and is expected to wrap up by June 30, the date listed on PNC’s letter to the labor department.
FirstBank, which was founded in 1963, had $26 billion in assets, $16 billion of loans and $23 billion in deposits when the deal closed in January.
In its first-quarter earnings report last week, PNC said the FirstBank integration costs so far were $98 million pre-tax, though that cost is expected to expand to $325 million when complete. PNC also credited FirstBank for helping drive up its average loans 7% from the fourth quarter to $23 billion.
FirstBank customers were notified last month that their accounts will be converted to PNC accounts starting June 18.
PNC plans to keep the FirstBank corporate offices at 12345 West Colfax Ave. open even after the integration. FirstBank employees will continue to work on site as they transition to a new employer.