First Commonwealth Completes Regulatory Approval Process for Merger with CenterGroup Financial and CenterBank
Indiana, PA, March 18, 2025 – First Commonwealth Financial Corporation (NYSE: FCF), a leading financial services organization based in Indiana, Pennsylvania, is pleased to announce that it has successfully completed the regulatory approval process necessary to finalize the merger of CenterGroup Financial, Inc. (CGFI) and CenterBank with and into First Commonwealth and First Commonwealth Bank, respectively.
Background
The merger, which was initially announced on January 11, 2025, is a strategic move designed to expand First Commonwealth’s footprint and strengthen its position in the financial services industry. The combined organization will have approximately $18 billion in assets, making it one of the largest financial institutions in Pennsylvania. CGFI and CenterBank are community banks with a strong presence in the Western Pennsylvania region.
Impact on Customers
For customers of CGFI and CenterBank, the merger is expected to bring several benefits. First and foremost, they will have access to a broader range of financial products and services, including commercial and consumer banking, wealth management, and trust services. The merger will also result in a more extensive branch network, providing greater convenience for customers who value in-person banking services.
Additionally, customers of the merged entity will benefit from enhanced digital capabilities, including mobile and online banking, bill pay, and account management tools. These digital services will enable customers to manage their finances more efficiently and effectively, regardless of their location.
Impact on the World
The merger of First Commonwealth, CGFI, and CenterBank is expected to have a positive impact on the financial services industry and the communities they serve. The combined organization will have a larger presence in the Pennsylvania market and will be better positioned to compete with larger financial institutions. This increased competition is likely to lead to improved products, services, and pricing for consumers.
Moreover, the merger will create new employment opportunities in the region, as the combined entity will require additional staff to support the expanded branch network and digital capabilities. This will contribute to the local economy and help to create jobs for residents of Western Pennsylvania.
Conclusion
The regulatory approval of the merger of First Commonwealth, CGFI, and CenterBank is a significant milestone in the consolidation of the financial services industry. The combined organization will be better positioned to serve its customers with a broader range of products and services, enhanced digital capabilities, and a more extensive branch network. The merger is also expected to have a positive impact on the communities they serve, creating new employment opportunities and contributing to the local economy.
As a customer of First Commonwealth, CGFI, or CenterBank, you can look forward to a more comprehensive range of financial products and services, as well as improved digital capabilities. The merger is expected to be completed in the coming weeks, and further details will be provided as they become available.
- First Commonwealth Financial Corporation completes merger with CenterGroup Financial, Inc. and CenterBank
- Combined organization will have approximately $18 billion in assets
- Customers will have access to a broader range of financial products and services
- Improved digital capabilities, including mobile and online banking
- Positive impact on the financial services industry and local economy
