Edition:
India

First Commonwealth To Enter The Cincinnati Market Through The Acquisition Of Foundation Bank


Thursday, 11 Jan 2018 

Jan 10 (Reuters) - First Commonwealth Financial Corp ::FIRST COMMONWEALTH FINANCIAL CORP - DEAL FOR ‍CASH AND STOCK TRANSACTION VALUED AT APPROXIMATELY $58 MILLION​.FIRST COMMONWEALTH FINANCIAL CORP - ‍EXPECTS THAT TRANSACTION WILL BE ACCRETIVE TO TANGIBLE BOOK VALUE PER SHARE AT CLOSING​.FIRST COMMONWEALTH FINANCIAL - SHAREHOLDERS OF GARFIELD ACQUISITION WILL RECEIVE ABOUT 2.8 MILLION SHARES OF CO'S COMMON STOCK.FIRST COMMONWEALTH FINANCIAL CORP - ‍ EXPECTS DEAL TO BE NOMINALLY ACCRETIVE TO EPS IN FIRST FULL YEAR OF OPERATIONS​.FIRST COMMONWEALTH FINANCIAL - UPON CLOSING OF DEAL, FOUNDATION BANK WILL MERGE INTO FIRST COMMONWEALTH BANK & OPERATE UNDER FIRST COMMONWEALTH NAME.FIRST COMMONWEALTH FINANCIAL CORP - SHAREHOLDERS OF GARFIELD ACQUISITION WILL RECEIVE ABOUT $17.4 MILLION IN CASH.FIRST COMMONWEALTH TO ENTER THE CINCINNATI MARKET THROUGH THE ACQUISITION OF FOUNDATION BANK.FIRST COMMONWEALTH FINANCIAL - CO, GARFIELD ACQUISITION SIGN MERGER AGREEMENT AS PER WHICH CO WILL ACQUIRE GARFIELD ACQUISITION AND FOUNDATION BANK. 

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