First Commonwealth Bank completes rebranding of CenterBank, enhancing growth strategy in Cincinnati with 25 new employees and three branches.
Quiver AI Summary
First Commonwealth Bank, a subsidiary of First Commonwealth Financial Corporation, has successfully completed the systems conversion and rebranding of the former CenterBank in Cincinnati, Ohio, following the legal closing of the acquisition on April 30, 2025. This acquisition, which adds $348.4 million in assets and three branch locations, significantly enhances First Commonwealth's presence in Cincinnati, where 65 percent of its new customer base is business-focused. The integration involves consolidating two Milford branch offices into one and transitioning 25 former CenterBank employees to First Commonwealth. President and CEO T. Michael Price expressed enthusiasm about welcoming new customers and employees, highlighting the alignment of the two banks' customer-focused missions. Amy McFarland will oversee operations in the Cincinnati market, while customers can reach out for assistance through various contact methods.
Potential Positives
- Completion of the acquisition and systems conversion of CenterBank enhances First Commonwealth Bank's presence in Cincinnati, a strategic growth area.
- The acquisition adds $348.4 million in total assets and a significant customer base that is 65% business-oriented, aligning with the bank's commercially focused growth strategy.
- Integration of former CenterBank employees demonstrates First Commonwealth's commitment to leveraging existing talent for operational continuity and improved service.
Potential Negatives
- Consolidation of branch offices may lead to customer dissatisfaction due to reduced accessibility, potentially impacting customer retention.
- Integration of 25 former CenterBank employees could indicate a workforce reduction or restructuring, raising concerns about job security among existing staff.
- The bank's reliance on a business-focused customer base (65% business) could expose it to higher risk in economic downturns, potentially impacting financial stability.
FAQ
What recent acquisition did First Commonwealth Bank complete?
First Commonwealth Bank completed the acquisition of CenterBank, adding $348.4 million in assets and enhancing its Cincinnati franchise.
How many CenterBank employees have transitioned to First Commonwealth?
Twenty-five former CenterBank employees have transitioned into roles at First Commonwealth Bank following the acquisition.
Where is the consolidated Milford branch office located?
The new consolidated Milford branch office is located at 744 State Route 28, Milford, Ohio.
Who is leading First Commonwealth's operations in Cincinnati?
Amy McFarland will continue as the Regional President and lead executive for First Commonwealth in Cincinnati.
How can customers get more information post-acquisition?
Customers can call First Commonwealth’s Engagement Center at (800) 711-BANK or visit their website for more information.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FCF Insider Trading Activity
$FCF insiders have traded $FCF stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $FCF stock by insiders over the last 6 months:
- TODD D BRICE purchased 7,000 shares for an estimated $112,630
- MICHAEL P MCCUEN (EVP/Chief Lending Officer) purchased 3,020 shares for an estimated $50,041
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$FCF Hedge Fund Activity
We have seen 103 institutional investors add shares of $FCF stock to their portfolio, and 115 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FIRST TRUST ADVISORS LP added 877,971 shares (+69.2%) to their portfolio in Q1 2025, for an estimated $13,643,669
- STATE STREET CORP removed 407,986 shares (-8.1%) from their portfolio in Q1 2025, for an estimated $6,340,102
- THRIVENT FINANCIAL FOR LUTHERANS removed 406,599 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $6,318,548
- MILLENNIUM MANAGEMENT LLC added 336,775 shares (+700.8%) to their portfolio in Q1 2025, for an estimated $5,233,483
- DIMENSIONAL FUND ADVISORS LP removed 310,241 shares (-4.4%) from their portfolio in Q1 2025, for an estimated $4,821,145
- BLACKROCK, INC. removed 280,159 shares (-1.9%) from their portfolio in Q1 2025, for an estimated $4,353,670
- TWO SIGMA INVESTMENTS, LP added 254,218 shares (+1492.0%) to their portfolio in Q1 2025, for an estimated $3,950,547
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Full Release
INDIANA, Pa., June 09, 2025 (GLOBE NEWSWIRE) -- First Commonwealth Bank, a subsidiary of First Commonwealth Financial Corporation (NYSE: FCF), completed its systems conversion and rebranding of the former CenterBank in Cincinnati, Ohio, over the weekend of June 6-8.
Legal closing of the CenterBank acquisition was completed on April 30, 2025 and included $348.4 million in total assets, three branch locations, a loan production office, and a mortgage center. This transaction significantly increases First Commonwealth’s Cincinnati franchise and supports its commercially focused growth strategy by adding a customer base that is 65 percent business. As part of the integration, two separate Milford branch offices of the banks will consolidate into one office at 744 State Route 28, Milford, Ohio. Twenty-five former CenterBank employees have also transitioned into roles at First Commonwealth.
“I’m excited to welcome our new employees and our new personal and business banking customers to First Commonwealth Bank,” said T. Michael Price, President and CEO of First Commonwealth Financial Corporation. “We have known the CenterBank team for a long time and believe its customer-focused, commercially oriented business model strongly aligns with our culture and enhances our existing Cincinnati growth plans in this highly attractive market.”
Amy McFarland, Regional President for Cincinnati, will continue as First Commonwealth’s lead executive in the market.
Customers with questions are encouraged to call First Commonwealth’s Engagement Center at (800) 711-BANK (2265), visit https://www.fcbanking.com/welcome/ , email [email protected] , or visit their local community office.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a community bank committed to its mission of improving the financial lives of its neighbors and their businesses. First Commonwealth operates 127 branches throughout Pennsylvania and Ohio and also has business banking centers in Pittsburgh and Harrisburg, Pennsylvania; and Cleveland, Canton, Cincinnati and Columbus, Ohio. First Commonwealth, through subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency, provides a full range of commercial and retail banking services, including mortgage, wealth management and insurance solutions, along with equipment financing and SBA and indirect lending. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com .
CONTACT:
Ron Wahl,
Communications/Media Relations Specialist
(724) 463-6806
[email protected]
