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Centric Financial Corp. acquired for $139.9 million
Paula Wolf//February 3, 2023
First Commonwealth Financial Corp. completed its previously announced acquisition of Centric Financial Corp., the parent company of Harrisburg-based Centric Bank.
The final purchase price was $139.9 million at the time of closing, according to First Commonwealth.
With the merger, First Commonwealth’s board of directors has appointed former President and CEO of Centric Patricia A. Husic, as a board member. She will also stay on as a consultant for the next six months for a consulting fee of $100,000.
“We are pleased to announce the completion of the merger with Centric and are excited to build upon the terrific relationships that Centric has developed over the years,” First Commonwealth President and CEO T. Michael Price said in a release.
Centric Bank customers will be able to access First Commonwealth’s network of 55,000 surcharge-free ATMs worldwide, as well as 126 retail offices across Pennsylvania and Ohio.
They will also have access to mortgage and personal loans, wealth management and insurance, and enhanced online banking, BillPay, mobile banking and mobile payment solutions.
Commercial customers will have access to a full line of cash management services and a set of payment processing options to help manage credit and debit card transaction processing.
“This combination expands our presence into the attractive Pennsylvania markets in and around Harrisburg, Lancaster, Devon and Doylestown,” said Price. “Centric is well-respected within these communities with proven leadership. Our mission is to improve the financial lives of our neighbors and their businesses and we look forward to carrying out this mission with our new Centric teammates for many years to come.”
Paula Wolf is a freelance writer
