Commonwealth Financial Corporation Completes CenterGroup Financial, Inc. Acquisition

First Commonwealth Financial Corporation Receives Regulatory Approval for CenterGroup Financial Inc. Merger

GREENSBURG, Pa., March 18, 2025 /PRNewswire/ -- First Commonwealth Financial Corporation (FCFC) (NYSE: FCFC) announced today that it has received regulatory approval from the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank of Cleveland for its merger with CenterGroup Financial Inc.

The merger, which was announced on January 27, 2025, is expected to close on April 15, 2025, subject to the satisfaction of customary closing conditions. Upon closing, CenterGroup Financial Inc. will become a subsidiary of FCFC, expanding the company's presence in the Pittsburgh market and enhancing its capabilities in the commercial banking and wealth management sectors.

"We are pleased to have received regulatory approval for the merger, which marks an important step forward in our strategic growth plans," said Frank S. Hackett, President and Chief Executive Officer of FCFC. "The combination of our two organizations will enable us to better serve our customers and strengthen our position in the market, while also providing opportunities for growth and development for our employees."

The merger is expected to be accretive to FCFC's earnings in the first full year following the closing, and the company anticipates realizing cost savings and synergies through the integration of the two organizations.

FCFC is a diversified financial services company with assets of approximately $4.5 billion. The company provides a range of financial products and services to consumers, businesses, and governments through its subsidiary, First Commonwealth Bank, and its other operating subsidiaries.

About First Commonwealth Financial Corporation First Commonwealth Financial Corporation is a diversified financial services company with assets of approximately $4.5 billion. The company provides a range of financial products and services to consumers, businesses, and governments through its subsidiary, First Commonwealth Bank, and its other operating subsidiaries. First Commonwealth Financial Corporation is headquartered in Greensburg, Pennsylvania. For more information about First Commonwealth Financial Corporation, please visit our website at www.fcbanking.com.