Could the PNC – FirstBank Merger Be the Next Big Boost for the Roaring Fork Valley? 

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Could the PNC – FirstBank Merger Be the Next Big Boost for the Roaring Fork Valley? 

Since PNC announced its agreement to acquire FirstBank on September 8, the question on my mind was how will my team serve our clients, support our community, and take care of our local employees in this next chapter? 

Having lived and worked in this region for a long time now, I’ve seen firsthand how our mountain communities depend on local banks that understand our rhythms, including its ski seasons, valley summers, small-town businesses and a shared commitment to give back.

But here’s what I want you to understand: this isn’t about sidelining FirstBank’s “banking for good” legacy; it’s about building on it.

Once the acquisition receives the necessary approvals, the Roaring Fork Valley will have a stronger partner committed to empowering local entrepreneurs, small businesses, nonprofits, homeowners, and the entire community. Here’s how:

1. A BIGGER STAGE FOR LOCAL BUSINESSES

Colorado is set to become one of PNC’s largest markets; a move that could bring more lending power, broader expertise, and deeper support for entrepreneurs and small-to-mid-size businesses across the Roaring Fork Valley. 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. In Garfield County alone, business filings were on pace to surpass the 2024 number of 1,735, with 1,176 business entities filed through May of 2025, according to the latest economic update report.

While Aspen/Pitkin County visitor data showed strong tourism last ski season, lower than average November snowfall, impending renovations to Aspen airport and the recent government shutdown is forcing many companies to prepare for both the challenges and long-term benefits that come with growth and infrastructure improvements. 

This is where having local expertise backed by national reach and resources could pay off for small business owners. FirstBank already serves more than 7,000 business and consumer accounts across the Roaring Fork; relationships that will likely deepen and benefit from increased access to new digital tools, services and financing under PNC’s expanded platform.

2. SAME PEOPLE, NEW SERVICES

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

After the conversion (when all of FirstBank’s systems and operations are moved to PNC’s), customers will not only gain access to more digital banking tools, but more locations, more services like wealth management, and about 60,000 partner ATMs nationwide. 

Several senior leaders will 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. I will also continue on as PNC’s Market Executive for the Roaring Fork Valley. 

3. A BOOST FOR COMMERCIAL REAL ESTATE AND DEVELOPMENT

FirstBank currently supports more than $246 million in Commercial Real Estate (CRE) loans across our market, and that portfolio is poised to expand under PNC. The bank has committed to increasing its Commercial Real Estate (CRE) lending portfolio across Colorado, opening the door for more investment across the valley. 

From business owners seeking their first storefront to developers helping create more housing, access to capital might be more attainable.

4. STRENGTHENING OUR NONPROFIT & COMMUNITY SECTOR

FirstBank has long been synonymous with community giving, from Colorado Gives Day, which has raised a total of over $500 million for local nonprofits (including $4.12 million locally through Mountain West Gives), to countless grassroots initiatives. 

I’ve been with FirstBank for over 20 years, and can personally attest that our community giving commitment run deeps. We currently support over 60 local nonprofits across the Roaring Fork Valley. All of our Officers serve on 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/Mountain West Gives 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 communities in the valley, this means sustained support for housing, education, and conservation, the pillars that keep this region thriving.

5. A STRONGER ECONOMY WITH MORE CAPITAL, MORE POSSIBILITY 

Small businesses make up over 90% of Colorado’s business landscape 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. 

Here in the Roaring Fork Valley, nonprofits collectively generate well over $550 million in revenue according to data in the ProPublica Nonprofit Explorer for the 2023–2024 year. 

Together, entrepreneurship and philanthropy are the backbone of regional growth. And with PNC’s community commitments and financial strength geared towards the Roaring Fork, both local business and nonprofits may be better positioned for the future. PNC’s Corporate & Institutional division already serves a wide range of clients from local family ventures to large companies, underscoring its capacity and expertise. 

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 Roaring Fork Valley. 

Dave Portman is FirstBank’s Roaring Fork Valley Market President, responsible for guiding commercial and consumer banking efforts from Aspen to Glenwood Springs. Once the conversion with PNC is complete, he will remain on as a PNC Market Executive, ensuring the region continues to benefit from locally focused financing, service and strong community partnerships.