First Commonwealth to acquire CenterGroup Financial in all-stock deal valued at ~$54.6M

FIRST COMMONWEALTH FINANCIAL CORP /PA/

Transaction valued at $54.6M (153% P/TBV, 15.3x 2025E earnings) based on FCF's $17.84 close Dec 17.
CenterGroup shareholders receive 6.10 FCF shares per share; deal expected to close H1 2025.
Adds ~$348M in assets, 3 branches, LPO, and mortgage office in Cincinnati; customer base 65% business.
Estimated ~2% EPS accretive in 2025, ~3% in 2026; TBV dilution <2% with earnback <3 years.
40% cost savings targeted; pre-tax merger charges ~$5.7M; pro forma TCE ratio 8.9%.

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