M&A Deal Summary

First Commonwealth Bank Acquires Centric Financial

On August 30, 2022, First Commonwealth Bank acquired financial services company Centric Financial for 144M USD

Acquisition Highlights
  • This is First Commonwealth Bank’s 5th transaction in the Financial Services sector.
  • This is First Commonwealth Bank’s largest (disclosed) transaction.
  • This is First Commonwealth Bank’s 6th transaction in the United States.
  • This is First Commonwealth Bank’s 4th transaction in Pennsylvania.

M&A Deal Summary
Date 2022-08-30
Target Centric Financial
Sector Financial Services
Buyer(s) First Commonwealth Bank
Deal Type Merger
Deal Value 144M USD
Advisor(s) Stephens Investment Banking (Financial)
Stevens & Lee (Legal)

Target

Centric Financial

Harrisburg, Pennsylvania, United States
Centric Financial is a locally owned, locally loaned community bank, Centric Bank provides competitive and pro-growth financial services to businesses, professionals, individuals, families, and the health care industry. Centric Financial was founded in 2007 and is based in Harrisburg, Pennsylvania.

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Buyer(S) 1

Buyer

First Commonwealth Bank

Indiana, Pennsylvania, United States
Category Company
Founded 1934
Sector Financial Services
Employees1,465
Revenue 482M USD (2023)
DESCRIPTION

First Commonwealth Bank is a financial holding company. It operates 110 retail branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank a Pennsylvania chartered bank and trust company. Insurance products are also provided through First Commonwealth Insurance Agency. First Commonwealth Bank was incorporated in 1934 and is based in Indiana, Pennsylvania.

DEAL STATS #
Overall 6 of 7
Sector (Financial Services) 5 of 6
Type (Merger) 2 of 2
State (Pennsylvania) 4 of 4
Country (United States) 6 of 7
Year (2022) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-20 Essco

Twinsburg, Ohio, United States

Essco is a value-added distributor of floor care products in the U.S. to specialty household distributors, e-commerce retailers, repair centers, and independent dealers nationwide. Essco was founded in 1924 and is based in Twinsburg, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-18 CenterGroup

Cincinnati, Ohio, United States

CenterGroup is a holding company for community banking CenterBank, that keeps an open-door policy and works hard to find common sense solutions for its customers. Specific product sets have been developed for deposits, residential mortgages, and full-service banking for owner-managed Greater Cincinnati businesses. The bank specializes, and that gives it the opportunity to deliver service to its specific customer niche while effectively managing operating risk. It has sought to maximize growth within the constraints of acceptable profitability and capital levels to ensure stable and positive regulatory ratings. CenterGroup

Buy -
Mergr

Product

Company

Legal