First Commonwealth Financial Corporation, the holding company for First Commonwealth Bank, has announced that Cincinnati-based CenterBank will merge with the Indiana-based company.
The merger will increase First Commonwealth’s presence in the Cincinnati market, adding three branch locations, a loan production office and a mortgage office totaling about $348.4 million. The all-stock transaction is valued at about $54.6 million.
First Commonwealth President and CEO Mike Price said they have known the CenterBank team for a long time and said their “customer-focused, commercially oriented business model is a strong cultural alignment and augments our existing Cincinnati growth plans.” CenterGroup President and CEO Stewart Greenlee said they admired First Commonwealth business and reputation within the market and said that they will offer expanded banking products to their organization resulting in an enhanced experience for the customers they serve and their employees.
