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 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.”