Fitch Affirms First Commonwealth's IDR at 'BBB'; Outlook Stable.

NEW YORK -- Fitch has affirmed the long-term Issuer Default Rating (IDR) and short-term rating of First Commonwealth Financial Corporation (FCF) at 'BBB' and 'F2', respectively. The Rating Outlook is Stable. A complete list of ratings and subsidiary ratings follows at the bottom of this press release.

FCF's ratings consider its sound overall financial fundamentals combined with a relatively small yet growing franchise in Western Pennsylvania. On an operating basis, performance has been relatively steady. Net interest income remains the primary contributor to FCF's revenue mix. Despite the challenges associated with the flat yield curve, FCF's net interest margin (NIM) remained relatively stable. In addition, restructuring efforts in late 2005 have started to yield cost savings.

FCF's branch optimization initiative is expected to enhance performance over time. FCF continues to focus its expansion in higher growth areas closer to Pittsburgh, while selling branches in slow growth markets. In April 2006, FCF announced the acquisition of Laurel Capital Group (LARL), the holding company for Laurel Savings Bank. LARL has 8 branches and assets totaling $314 million or about 5% of FCF's total assets. This acquisition is expected to close by the end of August 2006.

Over the past few years, sound asset quality has stemmed from a conservative credit culture combined with a benign credit environment. Net charge offs (NCOs) and non-performing assets (NPAs) remain at moderate levels with comfortable loan loss reserves. FCF's liquidity remains solid, as evidenced by its moderate loan/deposit ratio, comfortable level of liquid securities and sizable core deposit base. FCF's Tier I ratio provides an ample financial cushion and remains far above 'well capitalized' regulatory standards. Fitch continues to recognize the maintenance of high capital levels as a positive rating factor for FCF.

Fitch has affirmed the following ratings with a Stable Outlook:

First Commonwealth Financial Corporation

--IDR 'BBB';

--Short-term 'F2';

--Individual 'B/C';

--Support '5'.

First Commonwealth Bank

--IDR 'BBB';

--Long-term deposits 'BBB+';

--Short-term Deposits at 'F2';

--Short-term 'F2';

--Individual 'B/C';

--Support '5'.

First Commonwealth Capital Trust

--Preferred Stock at 'BBB-'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.