8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 10, 2018

First Commonwealth Financial Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania	001-11138	25-1428528
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

601 Philadelphia Street, Indiana, PA	15701
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (724) 349-7220

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

On January 10, 2018, First Commonwealth Financial Corporation (the “Company”), and Garfield Acquisition Corp., an Ohio corporation, issued a joint press release announcing the execution of an Agreement and Plan of Merger, dated as of January 10, 2018, pursuant to which Garfield Acquisition Corp. will merge with and into the Company. Upon completion of the merger, Foundation Bank, the banking subsidiary of Garfield Acquisition Corp. with five (5) offices in the Cincinnati, Ohio banking market, will be merged with and into the Company’s banking subsidiary, First Commonwealth Bank. The press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. A slide presentation regarding the acquisition which management of the Company intends to make available to investors is furnished herewith as Exhibit 99.2 and incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits

99.1Press release dated January 10, 2018 announcing the acquisition of Garfield Acquisition Corp.

99.2Slide presentation regarding the acquisition of Garfield Acquisition Corp.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 10, 2018

FIRST COMMONWEALTH FINANCIAL CORPORATION

By:    /s/ James R. Reske        

Name: James R. Reske

Title: Executive Vice President, Chief

Financial Officer and

Treasurer

EX-99.1

FOR IMMEDIATE RELEASE                

First Commonwealth to Enter the Cincinnati Market

Through the Acquisition of Foundation Bank

Indiana, PA, January 10, 2018 - First Commonwealth Financial Corporation (NYSE: FCF) (“First Commonwealth”), and Garfield Acquisition Corp., the parent company of Cincinnati, Ohio based Foundation Bank, today jointly announced the signing of a definitive merger agreement pursuant to which First Commonwealth will acquire Garfield Acquisition Corp. and Foundation Bank in a cash and stock transaction valued at approximately $58 million (the “Transaction”).

"This partnership is a continuation of our strategy to expand our footprint into Ohio, and is the perfect follow up to our recent successful acquisitions in northern and central Ohio,” stated T. Michael Price, Chief Executive Officer of First Commonwealth Financial Corporation. “Foundation Bank represents an excellent springboard for our commercial and mortgage banking activities in the Cincinnati metro area. I have personally spent part of my banking career in Cincinnati, and I am confident the First Commonwealth brand will resonate well with consumers and business owners in the region.”

In the past several years, First Commonwealth has opened a commercial banking center in Cleveland, acquired two banks in Columbus, purchased a branch network in Canton, and opened mortgage offices in suburban Akron and Columbus. With a total population of 2.2 million, entering the Cincinnati market is the next logical step for First Commonwealth to continue its Ohio expansion strategy. Cincinnati has attractive demographics, lower unemployment and higher home values than average for the state of Ohio. Upon closing of the Transaction, First Commonwealth will have a presence in each of Ohio’s three largest metropolitan areas.

"We are excited to be joining the First Commonwealth team,” said Joe Hughes, President and Chief Executive Officer of Foundation Bank. “Our community bank cultures are very closely aligned, and we are confident that this partnership will greatly benefit our customers, employees and the communities we have had the privilege to serve over the years.”

Upon closing of the transaction, which is expected in the second quarter of 2018, Foundation Bank will merge into First Commonwealth Bank and operate under the First Commonwealth name. The Transaction remains subject to regulatory approval and other customary closing conditions. The shareholders of Garfield Acquisition Corp. will receive approximately 2.8 million shares of First Commonwealth Financial Corporation common stock and approximately $17.4 million in cash. First Commonwealth expects that the transaction will be accretive to tangible book value per share at closing and nominally accretive to earnings per share in the first full year of operations.

First Commonwealth Bank was advised by the investment banking firm Raymond James & Associates, Inc. Squire Patton Boggs LLP served as legal counsel to Garfield Acquisition Corp. 

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 135 banking offices in 20 counties throughout western and central Pennsylvania and northern and central Ohio, as well as a Corporate Banking Center in Cleveland, Ohio and mortgage offices in Hudson and Dublin, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency.

About Foundation Bank

Foundation Bank is a financial services company with total assets of $216 million, loans of $187 million and deposits of $145 million. Headquartered in Cincinnati, Ohio, Foundation Bank operates five full service banking offices with convenient locations in Woodlawn, Norwood, Hyde Park, Milford and downtown Cincinnati.

Forward-Looking Statements

Certain statements contained in this release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, certain plans, expectations, goals, projections and benefits relating to the merger transaction between First Commonwealth Financial Corporation and Garfield Acquisition Corp. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may." Such statements are based on assumptions and involve risks and uncertainties, many of which are beyond our control. In addition to factors previously disclosed in reports filed by First Commonwealth with the Securities and Exchange Commission, risks and uncertainties relating to the merger transaction and the integration of Foundation Bank into First Commonwealth after the merger include, but are not limited to:: the possibility that any of the anticipated benefits of the proposed merger will not be realized or will not be realized within the expected time period; the risk that integration of Foundation Bank’s operations with those of First Commonwealth will be materially delayed or will be more costly or difficult than expected; the inability to close the merger in a timely manner; diversion of management's attention from ongoing business operations and opportunities; the failure to satisfy other conditions to completion of the merger, including receipt of

required regulatory and other approvals; the failure of the proposed merger to close for any other reason; the challenges of integrating and retaining key employees; the effect of the announcement of the merger on First Commonwealth’s, Foundation Bank’s or the combined company's respective customer relationships and operating results; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and general competitive, economic, political and market conditions and fluctuations. All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing. Except as required by law, First Commonwealth assumes no obligation to update any forward-looking statement.

Contact:

Media Relations

Amy Jeffords
Assistant Vice President / Communications and Community Relations
Phone: 724-463-6806
E-mail: AJeffords@fcbanking.comInvestor Relations
Ryan M. Thomas
Vice President / Finance and Investor Relations
Phone: 724-463-1690
E-mail: RThomas1@fcbanking.com

###

EX-99.2

NYSE: FCF Acquisition of  Foundation Bank January 10, 2018 NYSE: FCF

NYSE: FCF Forward‐looking Statements 2 This presentation contains forward‐looking statements relating to plans, expectations, goals, projections and benefits of  the merger transaction between First Commonwealth Financial Corporation and Garfield Acquisition Corp.  Such  statements are based on assumptions and involve risks and uncertainties, many of which are beyond our control.  In  addition to factors previously disclosed in reports filed by First Commonwealth with the Securities and Exchange  Commission, risks and uncertainties relating to the merger transaction and the integration of Foundation Bank into First  Commonwealth after the merger include, but are not limited to:   • the possibility that any of the anticipated benefits of the proposed merger will not be realized or will not be realized  within the expected time period;  • the risk that integration of Foundation Bank’s operations with those of First Commonwealth will be materially delayed  or will be more costly or difficult than expected;  • the inability to close the merger in a timely manner;  • diversion of management's attention from ongoing business operations and opportunities;  • the failure to satisfy other conditions to completion of the merger, including receipt of required regulatory and other  approvals; the failure of the proposed merger to close for any other reason;  • the challenges of integrating and retaining key employees;  • the effect of the announcement of the merger on First Commonwealth’s, Foundation Bank’s or the combined  company's respective customer relationships and operating results; and • the possibility that the merger may be more expensive to complete than anticipated, including as a result of  unexpected factors or events; and general competitive, economic, political and market conditions and fluctuations.  All forward‐looking statements included in this presentation are made as of the date hereof and are based on information  available at the time of the filing.  Except as required by law, First Commonwealth assumes no obligation to update any  forward‐looking statement.

NYSE: FCF Franchise‐Enhancing Acquisition in Desirable Cincinnati MSA 3 Financial (for the quarter ended 9/30/17)  Total Assets:  $216 million  Total Loans:  $189 million  Total Deposits:  $145 million  Total Book Value: $42.8 million  Total Intangibles: $4.4 million  ROAA1: 1.06%  NPAs/Assets:  0.65% Transaction Terms / Assumptions  FCF to issue approximately 2.75 million shares and  $17.4 million of cash (70% stock, 30% cash)  Approximate deal value of $58 million  1.7% loan mark; 40% cost savings, 50% phase‐in in 2018  Combined restructuring charges of $3.1 million (pretax)  Immediately accretive to FCF’s tangible book value   Nominally accretive to FCF’s earnings Strategic Rationale  Cincinnati represents the next logical step in the  company’s Ohio expansion efforts:   Builds on FCF’s recent successful acquisitions in  northern and central Ohio  Strong Cincinnati market demographics and  growth potential  Another Ohio market management knows well  Expected to serve as a chassis from which FCF  can deliver commercial, mortgage and other  product offerings  Pro forma FCF Ohio deposits will total $1.4 billion2 FCF Branches (137) FCF Mortgage LPO (2) FCF Commercial LPO (1) Foundation Bank Branches (5) Pro Forma Branch Map 1. Tax effected at 21%; 0.87% ROAA tax effected at 35% 2. Pro forma as of September 30, 2017 Source: S&P Global Market Intelligence