FCF shareholder lawsuit alleges proxy deficiencies for Centric merger; supplemental disclosures filed

FIRST COMMONWEALTH FINANCIAL CORP /PA/

Lawsuit filed Jan 17, 2023 in PA by Charles Reinhardt against Centric Directors alleging proxy statement deficiencies.
FCF and Centric deny merit but voluntarily supplement proxy with additional DCF and financial projections.
Supplemental DCF shows terminal value $221.5M at 10.0x multiple; NPV per share range $11.32-$16.18.
Cost savings 35% phased in 2023-2024, $14.6M pre-tax one-time charges, pro forma Tier 1 Leverage 9.8%, CET1 11.2%.

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