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financial advisor

Centric Financial Corporation

$144 MILLION 08/30/2022 Financial Institutions Pending
Public Companies
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Transaction Details

  • On August 30, 2022, First Commonwealth Financial Corporation (“First Commonwealth”) and Centric Financial Corporation (“Centric”) announced the signing of a Definitive Agreement and Plan of Merger providing for the merger of Centric with and into First Commonwealth in an all-stock transaction.
  • The business combination will produce a combined company with approximately $10.6 billion in total assets. Centric will contribute approximately $1.0 billion in total assets, $0.9 billion in total deposits, $0.9 billion in total loans, seven full-service banking offices and one loan production office in the Harrisburg, Philadelphia and Lancaster MSAs to the combined entity.
  • Under the terms of the Agreement and Plan of Merger, which has been unanimously approved by the boards of directors of both companies, Centric shareholders will be entitled to receive a fixed exchange ratio of 1.09 shares of First Commonwealth common stock for each Centric common share.
  • The merger is expected to qualify as a tax-free reorganization and is expected to be completed in the first quarter of 2023, subject to certain closing conditions, including approval by Centric shareholders and customary bank regulatory approvals.
Sources: Company documents, S&P Global Market Intelligence and publicly available information.
  1. Note: Reflects financial data as of June 30, 2022. Market data as of 8/29/2022.

    Based on FCF 10 day VWAP of $14.86 as of August 29, 2022.

    2022Q2 annualized figure.

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