First Commonwealth Launches New Share Buyback Initiative
Introduction to the Share Repurchase Program
First Commonwealth Financial Corporation (NYSE: FCF), a prominent financial service provider, has launched an exciting new chapter in its growth strategy with the announcement of a share repurchase program valued at $25 million. This initiative comes on the heels of successfully completing a previous program where the company repurchased over 1.5 million shares.
Details of the New Program
The newly authorized repurchase program is part of First Commonwealth's strategy to enhance shareholder value. The Board of Directors has decided to allow share repurchases via various methods, including private transactions and open market purchases, ensuring compliance with federal securities laws.
Flexibility in Execution
Management is empowered to execute these repurchases through established Rule 10b5-1 plans, allowing flexibility in timing and method. Well within the framework of Rule 10b-18 of the Securities Exchange Act of 1934, this program could adapt to the constantly changing market conditions.
Overview of First Commonwealth Financial Corporation
First Commonwealth Financial Corporation is not just limited to its share repurchase initiatives; it is a leading provider of a comprehensive suite of financial services. The company's extensive network comprises 127 community banking offices throughout numerous counties in Pennsylvania and Ohio. This wide-reaching presence allows them to cater to a variety of financial needs.
Services Offered
From commercial and consumer banking solutions to mortgage operations, equipment financing, and wealth management programs, First Commonwealth excels in delivering diverse financial services. Their commitment to customer service and community engagement sets them apart as a trusted name in the financial sector.
Continuing Community Commitment
Furthermore, First Commonwealth demonstrates its dedication to the community not just through banking services but also through its insurance products offered via its subsidiary First Commonwealth Insurance Agency. The company’s holistic approach ensures that they are not just a financial institution but a vital part of the communities they serve.
Contact Information
Those interested in joining the First Commonwealth community or learning more about their services can reach out via their dedicated contact methods. For media inquiries, Ron Wahl can be contacted at 724-463-6806 or via email at RWahl@fcbanking.com. Investors can connect with Ryan M. Thomas at 724-463-1690 or at RThomas1@fcbanking.com.
Conclusion
This newly announced share repurchase program further exemplifies First Commonwealth Financial Corporation’s solid commitment to enhancing shareholder value. As the company continues to grow and adapt to the dynamic market environment, it maintains a clear focus on delivering exceptional service and expanding its presence across its operating regions.
Frequently Asked Questions
What is the purpose of the new share repurchase program by First Commonwealth?
The purpose is to enhance shareholder value and demonstrate confidence in the company’s financial health.
How much money has been authorized for the share repurchase?
The Board of Directors authorized a program up to $25 million for share repurchases.
What methods will be used for repurchasing shares?
Shares will be repurchased through Rule 10b5-1 plans, open market purchases, and privately negotiated transactions.
What financial services does First Commonwealth offer?
They offer a comprehensive suite including commercial banking, consumer banking, mortgage, equipment finance, and wealth management services.
How can I contact First Commonwealth for more information?
You can reach their media relations team at 724-463-6806 or email Ron Wahl at RWahl@fcbanking.com.
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