Investment Banking - First Community Bank

Transactions | Banking

Client: First Community Bank
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

  • First Community Bank is a four-branch commercial bank headquartered in Columbus, Ohio, that was founded in 1903 and has been owned by CEO Sherran Blair’s family since 1970. First Community currently operates three full service banking centers in Columbus and one in  Sedalia, Ohio.
  • At March 31, 2015, First Community had assets of $100.4 million and shareholders’ equity of $12.3 million.
  • First Commonwealth Financial Corporation (NYSE: FCF) is a $6.3 billion  diversified financial services holding company headquartered in Indiana, Pennsylvania, with 107 branches throughout western and central Pennsylvania and a corporate banking business center in northeast Ohio.
  • The transaction is First Commonwealth’s first whole bank acquisition since 2006, creating its initial retail presence in Ohio and complementing its existing lending efforts in the Columbus market.
  • The total merger consideration is $14.75 million, to be paid 100% in cash.
  • The purchase price is approximately 119.8% of tangible book value.
  • Boenning is serving as financial advisor to First Community.