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First Commonwealth entering Cincinnati with $58M acquisition

Jan. 10, 2018 7:20 PM ETFirst Commonwealth Financial Corporation (FCF)By: Jason Aycock, SA News Editor
  • First Commonwealth Financial (NYSE:FCF) has a deal to acquire Garfield Acquisition Corp., the parent company of Cincinnati-based Foundation Bank, for about $58M.
  • The move marks First Commonwealth's entry into the Cincinnati market, a "continuation of our strategy to expand our footprint into Ohio," says CEO T. Michael Price.
  • When the deal closes, First Commonwealth will have a presence in each of the state's three largest metro areas.
  • Shareholders of Garfield will get about 2.8M shares of First Commonwealth stock along with about $17.4M in cash; First Commonwealth says the deal will be accretive to tangible book value/share at closing, and nominally accretive to EPS in year one.
  • It's expected to close in Q2.

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