Printer Friendly

FIRST COMMONWEALTH FINANCIAL ISSUES STATEMENT

 FIRST COMMONWEALTH FINANCIAL ISSUES STATEMENT
 INDIANA, Pa., Nov. 13 /PRNewswire/ -- E. James Trimarchi, chairman


of the board of First Commonwealth Financial Corporation (NYSE: FCF), of Indiana, announced today that First Commonwealth Financial Corporation had decided to discontinue its previously announced plan to negotiate a definitive agreement to merge with Cardinal Bancorp Inc. of Everett, Pa.
 Trimarchi stated, "The First Commonwealth board of directors decided that a merger between our two institutions would not be in the best interest of First Commonwealth's various constituencies at this time." According to Trimarchi, "After completion of our due diligence examination, First Commonwealth could not bridge certain differences of opinion with the Cardinal Bancorp board as to the value of the Cardinal franchise."
 First Commonwealth Financial Corporation is traded on the New York Stock Exchange under the symbol FCF. It was established as a bank holding company in 1982 and currently operates 62 banking offices through its six banking subsidiaries: National Bank of the Commonwealth, based in Indiana; Deposit Bank, headquartered in DuBois, Pa.; Cenwest National Bank in Johnstown, Pa.; First National Bank of Leechburg; Peoples Bank and Trust in Jennerstown; and Central Bank, headquartered in Hollidaysburg, Pa. The corporation operates a data processing subsidiary, Commonwealth Systems Corporation, a trust subsidiary, First Commonwealth Trust Company, both headquartered in Indiana. It also has 50 percent joint venture interest in Commonwealth Trust Credit Life Insurance Company based in Phoenix, which provides credit live and credit accident and health insurance to its banks' customers. Total assets of the holding company are approximately $1.6 billion.
 -0- 11/13/92
 /CONTACT: George E. Dash, senior vice president of First Commonwealth Financial Corporation, 412-349-7220/
 (FCF) CO: First Commonwealth Financial Corporation; Cardinal Bancorp Inc. ST: Pennsylvania IN: FIN SU:


CD-MP -- PG003 -- 0522 11/13/92 08:33 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 13, 1992
Words:297
Previous Article:ICN PHARMACEUTICALS REPORTS THIRD QUARTER RESULTS
Next Article:CELLULAR COMMUNICATIONS INC. ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER 1992
Topics:


Related Articles
FIRST COMMONWEALTH STOCK TO SPLIT 2 FOR 1
RELIABLE FINANCIAL AND FIRST COMMONWEALTH AGREE TO MERGE
UNITED NATIONAL BANCORPORATION, FIRST COMMONWEALTH SIGN DEFINITIVE AGREEMENT TO MERGE
RELIABLE FINANCIAL CORPORATION MERGES WITH FIRST COMMONWEALTH
O'DELL NAMED PRESIDENT & CEO OF FIRST COMMONWEALTH
First Commonwealth Earns $7.7 Million For First Quarter
First Commonwealth Declares Dividend
First Commonwealth Declares Dividend
First Commonwealth Hires J. Eric Renner as Executive Vice President / Consumer Services.
AMENDED First Commonwealth Hires J. Eric Renner as Executive Vice President / Consumer Services.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters