First Commonwealth Awaits Shareholder Nod for CenterGroup Merger
Deal News | Mar 18, 2025 | Globenewswire
First Commonwealth Financial Corporation has received regulatory approvals required to complete its merger with CenterGroup Financial, Inc. This merger, which includes CenterBank integrating into First Commonwealth Bank, received green lights from the Federal Deposit Insurance Corporation, the Pennsylvania Department of Banking and Securities, and the Federal Reserve Bank of Cleveland. However, it remains contingent on a forthcoming shareholder vote from CGFI. The merger completion is anticipated in the second quarter of 2025. Both companies have issued a proxy statement/prospectus filed with the SEC, containing detailed information regarding the merger. Shareholders are advised to review these documents closely when made available, as they contain crucial details about the transaction. First Commonwealth, based in Indiana, Pennsylvania, operates numerous community banking offices and offers various financial services across Pennsylvania and Ohio. CenterGroup Financial, headquartered in Milford, Ohio, has developed a strong community banking presence with its subsidiary, CenterBank. They provide specialized banking solutions in the Greater Cincinnati area. The merger aims to enhance service offerings and operational efficiency, subject to integration strategies and market conditions.
Sectors
- Financial Services
- Banking Industry
- Mergers and Acquisitions
Geography
- United States – The companies involved are based in Pennsylvania and Ohio, indicating the U.S. as the primary geography.
- Ohio – CenterGroup Financial, Inc. and its subsidiary, CenterBank, operate in the Greater Cincinnati area, Ohio.
- Pennsylvania – First Commonwealth Financial Corporation is headquartered in Indiana, Pennsylvania, with operations across the state.
Industry
- Financial Services – The article discusses a merger involving banking institutions, which are part of the broader financial services industry.
- Banking Industry – Both First Commonwealth and CenterGroup Financial, Inc. operate in the banking sector, providing consumer and commercial banking services.
- Mergers and Acquisitions – The article is centered around the regulatory approvals for a merger between two banking institutions.
Financials
- Not Disclosed – The article does not provide specific financial terms or figures related to the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| First Commonwealth Financial Corporation | Bidding Company | Company | A financial services company with operations in Pennsylvania and Ohio, involving community banking and other financial products. |
| CenterGroup Financial, Inc. | Target company | Company | A company with a community banking focus in Ohio, providing tailored banking services through its subsidiary, CenterBank. |
| Federal Deposit Insurance Corporation | Regulatory Body | Government | The U.S. agency that approved the merger of CenterBank with First Commonwealth Bank. |
| Pennsylvania Department of Banking and Securities | Regulatory Body | Government | The state regulatory body that approved the merger of CGFI with First Commonwealth and the subsidiary banks. |
| Federal Reserve Bank of Cleveland | Regulatory Body | Government | Granted a waiver of merger application requirements to First Commonwealth. |
| Matthew C. Tomb | General Counsel | Person | General Counsel, First Commonwealth, coordinating legal documentation related to the merger. |
| Lee Lyon III | Executive Vice President and Secretary | Person | Executive Vice President at CenterGroup Financial, involved in coordinating shareholder communication. |
| Ryan M. Thomas | Vice President / Finance and Investor Relations | Person | Responsible for investor relations and communications at First Commonwealth. |