First Commonwealth receives approval to merge with Centric

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First Commonwealth Financial Corp. recently received the necessary regulatory approvals to complete its approximately $144 million merger with Centric Financial Corp.

The Federal Deposit Insurance Corp. and the Pennsylvania Department of Banking and Securities approved the merger. The Federal Reserve Bank of Cleveland granted First Commonwealth a waiver of its merger application requirements.

The companies filed a proxy statement/prospectus and other relevant documents with the U.S. Securities and Exchange Commission.

Centric will merge with and into First Commonwealth and its subsidiary banks once Centric shareholders approve the merger.

The merger is expected to occur during the first quarter of 2023.

Headquartered in Indiana, Pa., First Commonwealth has 119 community banking offices in 26 counties in Ohio and western and central Pennsylvania. It also has business banking operations in Pittsburgh and four Ohio cities, and mortgage offices in Wexford, Pa., and two Ohio cities.

Its subsidiaries, First Commonwealth Bank and First Commonwealth Insurance Agency, provide commercial banking, consumer banking, equipment finance, mortgage and wealth management services, and insurance products.

Centric Financial Corp., and its subsidiary, Centric Bank, have locations in Harrisburg, Hershey, Mechanicsburg, Camp Hill, Doylestown, Devon, and Lancaster; loan production offices in Lancaster and Devon; and an operations and executive office campus in Cumberland County.