Indiana-based First Commonwealth Bank approved for merger

Indiana-based First Commonwealth Bank will increase its footprint in Ohio now that it has regulatory approval to merge with Cincinnati-based Foundation Bank.

The merger, including a $58 million cash and stock transaction, was approved by the Pennsylvania Department of Banking and Securities this week.

In the past several years, First Commonwealth has opened a commercial banking center in Cleveland, acquired two banks in Columbus, purchased a branch network in Canton, and opened mortgage offices in suburban Akron and Columbus.

Under the terms of the merger, Foundation Bank, which has five offices in Greater Cincinnati, will operate under the First Commonwealth name.

“Foundation Bank represents an excellent springboard for our commercial and mortgage banking activities in the Cincinnati metro area,” First Commonwealth CEO T. Michael Price said in January. “I have personally spent part of my banking career in Cincinnati, and I am confident the First Commonwealth brand will resonate well with consumers and business owners in the region.”

First Commonwealth currently has 135 banking offices in 20 counties throughout western and central Pennsylvania and northern and central Ohio.

Stephen Huba is a Tribune-Review staff writer. Reach him at 724-850-1280, shuba@tribweb.com or via Twitter @shuba_trib.