Two Pennsylvania-based banks sign merger agreement

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First Commonwealth Financial Corporation and Centric Financial Corporation recently signed a definitive Agreement and Plan of Merger, following which Centric Financial and Centric Bank will merge into First Commonwealth’s subsidiary, First Commonwealth Bank.

First Commonwealth Financial is a financial services mortgage leading bank headquartered in Indiana, Pa. It has locations in 26 counties in Ohio and western and central Pennsylvania. Centric Financial and its subsidiary, Centric Bank, are headquartered in Cumberland County. It has seven branch locations and one loan production office.

Centric President and CEO Patricia Husic will become a member of the First Commonwealth board of directors after the completion of the merger.

“We are genuinely excited about the opportunities that our combined organizations can create. We have long admired the job that Centric’s CEO, Patti Husic, and the Centric team have done creating an extraordinary culture, growing their organization, and serving their clients,” First Commonwealth President and CEO T. Michael Price said. “This extension of our physical presence into Harrisburg and Metro Philadelphia allows us to deepen our existing relationships in these markets and improve the financial lives of these businesses and their communities.”

The combined businesses will have approximately $10.6 billion in assets.

Both boards of directors approved the merger, and First Commonwealth will pay approximately $16.20 a share.