INDIANA, Pa., March 27, 2018 (GLOBE NEWSWIRE) -- First Commonwealth Financial Corporation (NYSE:FCF), and Garfield Acquisition Corp., the parent company of Cincinnati, Ohio based Foundation Bank, today announced the receipt of all required regulatory approvals for the proposed merger of Foundation Bank and First Commonwealth.

The Federal Deposit Insurance Corporation has approved the Bank Merger Act application to merge Foundation Bank, the bank subsidiary of Garfield Acquisition Corp. into First Commonwealth Bank, First Commonwealth’s bank subsidiary (the “bank merger”). The Pennsylvania Department of Banking and Securities has approved the merger of Foundation Bank into First Commonwealth and the bank merger. The Federal Reserve Bank of Cleveland has granted First Commonwealth a waiver of its merger application requirements.

There are no additional regulatory or shareholder approvals needed to complete the transaction.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE:FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 135 banking offices in 20 counties throughout western and central Pennsylvania and northern and central Ohio, as well as a Corporate Banking Center in Cleveland, Ohio and mortgage offices in Hudson and Dublin, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency.

About Foundation Bank

Foundation Bank is a financial services company with total assets of $215 million, loans of $182 million and deposits of $148 million. Headquartered in Cincinnati, Ohio, Foundation Bank operates five full service banking offices with convenient locations in Woodlawn, Norwood, Hyde Park, Milford and downtown Cincinnati.