Centric Financial Corp. acquired for $139.9 million

Centric Financial Corp. and its banking subsidiary Centric Bank moved into a new operations center in Hampden Township, Cumberland County late last year – PHOTO/PROVIDED 

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

Centric Bank CEO and president honored in 25 Most Powerful Women in Banking list by American Banker 

Patricia Husic. PHOTO PROVIDED

Centric Financial Corp. and Centric Bank President and CEO Patricia Husic was named one of American Banker’s 25 Most Powerful Women in Banking from a pool of hundreds of female bankers from across the country.

Husic, named number 24 on the list, co-founded Centric Bank in 2007 and has since led the bank as its president and CEO. The bank prides itself on its majority female leadership team with 60% of its team being female and 70% of its workforce being female.

Women chosen for the list were picked for being at the forefront of significant changes across the financial services industry and society in general, said Bonnie McGeer, executive editor of American Banker and chair of the Most Powerful Women in Banking and Finance program.

“They are leading reinvigorated efforts to increase diversity of all kinds in the senior ranks, concepting the future of work, and helping central banks explore the idea of developing digital currencies, to name just a few of the many initiatives they have underway,” said McGeer.

Centric Bank was also recognized as one of American Banker’s Most Powerful Women in Banking Top Team this year and one of the magazine’s Best Banks to Work For in 2020, 2019 and 2018.

2021 marks the 19th year that American Banker has published its Most Powerful Women in Banking list and this year’s honorees are a testament to the perpetual resilience required of leaders today, said Gemma Postlethwaite, CEO of Arizent, American Banker’s publisher.

“A Most Powerful Woman in Banking is defined not by the power she possesses, but by the vision and leadership she invests with her team, customers, and community,” said Husic. “I am honored to stand alongside women of tremendous strength, resolve, courage, and relentless adaptation. Women who succeed on behalf of their peers, their financial institutions, and their customers. This is the fresh future of banking, and I’m humbled to be in the company of these extraordinary leaders.”

Harrisburg-based Centric Bank operates financial centers in Dauphin, Bucks, Cumberland, Chester and Lancaster counties. It has $1.1 billion in assets.

Centric Bank wins American Banker accolade as a Top Community Bank

For the third straight year, Centric Bank has been recognized as one of American Banker’s Top 200 Community Banks in the U.S.

The annual ranking is a list of publicly traded banks and thrifts with less than $2 billion in assets, according to a release.

Centric Financial Corp., of which Centric Bank is a wholly owned subsidiary, is headquartered in southcentral Pennsylvania with assets of $1.1 billion.

The rankings are based on return on average equity over a three-year period. Centric Bank finished 89th this year, up from 92nd in 2020.

“Centric Bank is honored to be recognized by American Banker on this list of exceptional community banks,” Patricia A. Husic, president and CEO, said in the release. “2020 brought an incalculable perfect storm, but in my 30-year banking career, I have never been prouder of our profession.

“Against headwinds of uncertainty, confusion and chaos, the Centric Bank team met our strategic goals to grow core deposits, grow lending to operating companies, increase the amount of deposits per relationship, and lead in corporate citizenship while strengthening the communities where we conduct business.”

The bank has financial centers in Harrisburg, Hershey, Mechanicsburg, Camp Hill, Doylestown, Devon and Lancaster; loan production offices in Lancaster and Devon; and an operations and executive office campus in Hampden Township, Cumberland County.

PA Biz Conversations with Patti Husic

Patti Husic is president and CEO of Centric Financial Corp. She talks to PA Biz Conversations about the business focus on diversity and inclusion and how aggressively the bank is helping businesses with loans and assistance during COVID.

Watch the interview below:


Centric Bank’s new HR chief: ‘knowledge’ and ‘compassion’ are core to COVID-19 response

Christine Pavlakovich was recently promoted as Chief HR Officer at Centric Bank. PHOTO/SUBMITTED

Centric Financial Corporation, parent company of Harrisburg-based community bank Centric Bank, has a new Chief Human Resources Officer in Christine Pavlakovich, whose focus is to maintain the bank’s “people-first” culture amid the COVID-19 pandemic.

Centric officials said they’re looking to Pavlakovich, who has served as a human resources executive since 2017, to ensure employee well-being for the firm’s 135-person workforce. That means ensuring “continuous flow” of health information for employees working at home and on-site at Centric Bank’s six financial centers.

“Christine has done excellent work creating a team that specializes in the specific human resources demands of banking, adding a training and development area, as well as overseeing the health and wellness of our team,” said Centric Bank President and CEO Patti Husic. “Whole-person wellbeing is a key component of Centric’s positive, people-first culture, which in turn has an outsized impact on our customer experience.”

A partner in Centric Bank’s COVID-19 crisis team, Pavlakovich said the human resources department has quickly adapted to the working conditions of the ongoing health crisis, responding to new federal regulations from the Families First Coronavirus Response Act and CARES Act with “empathy and knowledge.”

“As we move into recovery, my team will continue to play an important role in preparing us to return to the office,” Pavlakovich said. “Ensuring compliance with new regulations as well as addressing emotional and practical issues to reunite our teams will be critical.”

Pavlakovich brings with her 26 years of experiences in human resources and 16 years in the financial services industry, including serving as vice president of human resources for Metro Bank in Harrisburg. Before joining Centric Bank, she worked as the director of human resources and employee development for AAA Central Penn.





Centric Bank opens financial center in Chester County

The new 2,500-square-foot financial center was unveiled Wednesday, complete with $5,000 in donations to community partners. – PHOTO/PROVIDED

Centric Financial Corporation opened its sixth financial center and second location in Devon, Chester County, neighboring the company’s other Devon location on Lancaster Avenue, a loan office.

Chief personnel of the Harrisburg-based financial company are looking to capitalize on the area’s “entrepreneurial spirit,” calling the new location “a strategic, brick-and-mortar location” in the age of innovations in financial technology.

“In a constantly changing, cloud-focused environment, it’s crucial to have strategic brick-and-mortar locations,” said Chief Retail Officer Leslie Meck in an official company statement. “This financial center is wholly focused on the customer experience, allowing for customized solutions from our local, experienced team of professionals. “Our universal bankers are here to serve businesses, non-profit organizations, individuals and families in every possible way.”

The new 2,500-square-foot financial center was unveiled Wednesday, complete with $5,000 in donations to community partners.

“We look forward to meeting Chester County’s entrepreneurial spirit with people-first banking, as well as a strong focus on small business lending, cash flow financing, and commercial real estate,” said President and CEO Patricia A. Husic.

“In a region renowned for its innovation and enterprise, we are introducing world-class, concierge financial services with a local team focused on delivering the finest customer experience,” she said.

Centric brings ‘big bank’ expertise to community branches with January hires

Executives at Centric Financial Corporation named William T. McGrath as executive vice president and chief credit officer of the Harrisburg-headquartered Centric Bank, as the financial institution seeks to grow its share of the Philadelphia and central Pennsylvania financial markets.

Hot off opening two new branch locations in 2019, Centric Bank will be looking to McGrath to assess aggregate risk in the bank’s loan portfolio in addition to supervising all other credit-related areas such as company policy and procedures relating to underwriting and credit administration. Centric has locations in Dauphin, Cumberland, Lancaster, Bucks and Chester counties.

William T. McGrath and Jacqueline M. Fahey 

“As Centric Bank continues its legacy of diversified, quality loan growth with turnaround times and results that exceed customer expectations, Bill’s expertise, proven judgment and credit discipline are integral to maintaining a strong credit culture as we strategically position the bank for continued growth,” President and CEO Patricia A. Husic said in a written statement.

McGrath comes from DNB First, a $1.2 billion community bank in the greater Philadelphia region where he served as senior vice president and chief credit and risk officer. Over the course of a three-and-a-half-decade career in banking, McGrath has earned respect of industry peers by establishing auditing and regulatory practices for financial institutions, creating underwriting procedures for commercial loans and developing efficient credit processes.

Centric Financial executives appointed Jacqueline M. Fahey as senior vice president and Bucks County market leader last week. Citing her “proven track record of success in commercial lending, specifically commercial and industrial, commercial real estate and small business lending,” company officials said they hope to leverage her 15 years of commercial banking experience to lead growth in Bucks County and expand the bank’s presence in the Philadelphia metro area.

“I am incredibly honored to join Patti Husic and Centric Bank as they expand in my hometown region,” Fahey said, adding that she was drawn to Centric Bank because of the “personal connection” staff members establish with clients. “They provide the personal connection of a community bank but are powered by products, services and technologies typical of much larger institutions. I am inspired by the impact Centric Bank is having on our clients, our partners and our community, and I am thrilled to introduce new customers to the Centric Way of Banking.”