When the news broke that PNC agreed to acquire FirstBank on September 8, questions across the Colorado Springs business community came with it. Folks who know FirstBank as a trusted partner in everything from small business lending to community development asked me: What does this mean for startups, nonprofits, and families across the region who’ve relied on FirstBank for decades?

From my time in the Springs and my experience working alongside local nonprofits and civic groups, I know how much trust is at stake. But I want to be clear: this isn’t about losing what makes FirstBank special. It’s about building on it.

Once the acquisition receives the necessary approvals, Colorado Springs will have a stronger partner invested in its continued success, from local entrepreneurs and military families to community organizations that make this region such a vibrant place to live and work. Here’s how:

1. A Bigger Stage for a Top-Performing Market

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.

FirstBank already serves 4,800 business clients across the Springs; relationships that will likely deepen under PNC’s expanded platform.

Locally, growth fundamentals also remain strong. Colorado Springs ranks as a top-five performing city in the nation reflecting its expanding business base and job creation. Meanwhile, data shows local unemployment rates are still low by historical standards, even as wages rise across multiple industries.

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 expertise complements FirstBank’s local leadership and teams that understand this market’s unique mix of military, aerospace, and tech-driven innovation.

PNC plans to retain all FirstBank branches, all of its customer-facing teams and local leadership across our retail locations. Customers will continue working with the people they know and trust. But they’ll have the added support of a top-tier national institution with expanded resources and reach.

Several senior leaders will also take on executive roles at PNC post-conversion, including FirstBank CEO Kevin Classen, 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 the Springs’ growing business community, that could mean bigger ideas backed by stronger financial resources.

4. A Boost for Commercial Real Estate Growth

FirstBank currently supports more than $478 million in Commercial Real Estate (CRE) loans across El Paso County, and that portfolio is poised to expand under PNC.

They’ve committed to increasing their CRE lending across Colorado, opening the door for more development and investment in key growth areas. From business owners seeking their first storefront to developers shaping our business district, access to capital might be more attainable.

That’s great news, considering local CRE dynamics remain healthy. In fact, rent growth for the Colorado Springs office market is outperforming the national average, and retail space is being quickly absorbed by home improvement and cellular service retailers, forcing vacancies to hover at low levels (4.8 percent). With no new construction on the horizon, this is preventing the Springs from facing supply overages. That creates opportunity for value-add and redevelopment projects, particularly in infill corridors and downtown revitalization zones.

5. Strengthening Our Nonprofit & Community Sector

FirstBank has long been synonymous with community giving, from Colorado Gives Day, which has raised over $500 million for local nonprofits, to countless grassroots initiatives. I’ve worked at FirstBank for over 15 years, and can personally attest that our community giving commitment is impressive. Outside of financial contributions, many of our officers serve on multiple nonprofit boards, and our Volunteer Time Off  (VTO) policy offers over 45,000 paid hours for employees to volunteer each year. But here’s the thing: PNC has committed to continuing and building on 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.

For our region’s nonprofits, schools, and local service organizations, that means added resources to sustain and expand impact.

6. A Stronger Local Economy

Small businesses make up over 90% of Colorado’s business landscape and remain the backbone of our local economy. The Colorado Springs Chamber & EDC continues to attract expansions through performance-based tax incentives and tailored data support, helping small and midsize companies scale efficiently.

The PNC–FirstBank partnership strengthens that foundation by helping local businesses grow, supporting community reinvestment, and ensuring that our economic engine keeps running strong.

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, right here in the heart of the Springs.

Jake Wuest
Jake Wuest is FirstBank’s Colorado Springs Market President, guiding commercial and consumer banking efforts throughout the region. After the conversion with PNC, he will remain with the organization as a PNC Market Executive, continuing to support the area’s growing business community and local nonprofit network.