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FIRST COMMONWEALTH EARNINGS INCREASE

 INDIANA, Pa., Nov. 1 /PRNewswire/ -- E. James Trimarchi, chairman, president and chief executive officer of First Commonwealth Financial Corporation (NYSE: FCF) today announced increased earnings for the Indiana-based multi-bank holding company. Earnings for the first nine months of 1993 were $16.1 million or $1.87 per share, a 15 percent increase in net income and a 9 percent increase in earnings per share over 1992. These results include a $.07 per share first quarter adjustment to net income to record the cumulative effect of a change in the method of accounting for income taxes in accordance with Financial Accounting Standards No. 109.
 First Commonwealth Financial Corporation is a $1.7 billion central, western Pennsylvania multi-bank holding company. It operates through 62 community offices of its six partner banks: National Bank of the Commonwealth, Indiana; Deposit Bank, DuBois, Pa.; Cenwest National Bank, Johnstown, Pa.; First National Bank of Leechburg; Peoples Bank and Trust Company, Jennerstown, Pa.; and Central Bank, Hollidaysburg, Pa. The corporation also owns Commonwealth Systems Corporation, a data processing subsidiary, and First Commonwealth Trust Company, a financial services subsidiary, both headquartered in Indiana. It jointly owns Commonwealth Credit Life Insurance Company, a credit life insurance company.
 In September, First Commonwealth announced plans to merge Peoples Bank of Western Pennsylvania, headquartered in New Castle, Pa., as its seventh partner bank. Final approvals must be obtained from Peoples Bank's shareholders and the appropriate regulatory authorities before the completion of the merger.
 FIRST COMMONWEALTH FINANCIAL CORPORATION
 Financial Highlights
 Sept. 30, 1993
 Pct.
 At Sept. 30 ($000) 1993 1992 Change
 Assets $1,721,392 $1,604,144 7
 Deposits 1,423,828 1,366,381 4
 Net Loans 909,700 862,534 5
 Shareholders' Equity 165,623 152,298 9
 For the Quarter
 Ended Sept. 30
 Net Income ($000) $4,768 $4,608 3
 Earnings Per Share $0.56 $0.55 2
 Return on Average Assets 1.11 pct. 1.16 pct. --
 Return on Average Equity 11.39 pct. 12.01 pct. --
 For the Nine Months
 Ended Sept. 30
 Net Income ($000)
 Before cumulative effect of
 accounting change $15,458 $14,018 10
 Cumulative effect of
 accounting change 593 0 --
 After cumulative effect of
 accounting change 16,051 14,018 15
 Earnings Per Share
 Before cumulative effect of
 accounting change $1.80 $1.71 5
 Cumulative effect of
 accounting change $.07 0 --
 After cumulative effect of
 accounting change $1.87 $1.71 9
 Return on Average Assets 1.28 pct. 1.27 pct. --
 Return on Average Equity 13.18 pct. 13.21 pct. --
 -0- 11/1/93
 /CONTACT: George E. Dash, senior vice president, of First Commonwealth Financial, 412-349-7220/
 (FCF)


CO: First Commonwealth Financial Corporation ST: Pennsylvania IN: FIN SU: ERN

KC-DM -- PG004 -- 9291 11/01/93 16:01 EST
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Publication:PR Newswire
Date:Nov 1, 1993
Words:458
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