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FIRST COMMONWEALTH, PEOPLES BANK COMPLETE MERGER

 INDIANA, Pa., Dec. 30 /PRNewswire/ -- E. James Trimarchi, chairman, president and chief executive officer of First Commonwealth Financial Corporation (NYSE: FCF), today announced that all necessary approvals have been received to merge the $156 million Peoples Bank of Western Pennsylvania, headquartered in New Castle, Pa., as First Commonwealth's seventh independent partner bank, effective Dec. 31, 1993.
 With the addition of Peoples Bank, First Commonwealth will have $1.9 billion in assets and will operate 69 banking offices throughout 14 counties in central and western Pennsylvania. Peoples Bank of Western Pennsylvania shareholders will be issued two shares of First Commonwealth Financial Corporation common stock for each Peoples Bank share. At the current market price for First Commonwealth stock, the merger has an approximate value of $25 million.
 In commenting on the merger, Trimarchi noted, "We are very pleased to welcome Peoples Bank as our seventh partner bank and Mr. Robert Koslow, chairman, president, and chief executive officer of Peoples Bank, as a member of the First Commonwealth board of directors. The bank establishes a strong presence for First Commonwealth in Lawrence County and provides a gateway to expansion in surrounding areas."
 Other First Commonwealth partner banks include: National Bank of the Commonwealth, Indiana; Deposit Bank, DuBois, Pa.; Cenwest National Bank, Johnstown, Pa.; First National Bank of Leechburg, Pa.; Peoples Bank and Trust, Jennerstown, Pa.; and Central Bank, Hollidaysburg, Pa.
 -0- 12/30/93
 /CONTACT: George E. Dash, senior vice president of First Commonwealth, 412-349-7220/
 (FCF)


CO: First Commonwealth Financial Corporation; Peoples Bank of Western
 Pennsylvania ST: Pennsylvania IN: FIN SU: TNM


KC-CD -- PG002 -- 8132 12/30/93 16:03 EST
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Publication:PR Newswire
Date:Dec 30, 1993
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