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First Commonwealth Financial Corporation Review 2019

First Commonwealth Financial Corporation Review 2019

First Commonwealth Financial Corporation provides the consumer, retail, and commercial banking services to individuals, mid-sized businesses in the US through its subsidiaries. It has a wide array of checking and savings accounts.

It has over 100 banking offices in Pennsylvania and Ohio. It was formed in 1934, although some account says it was first initiated in 1857.

First Commonwealth Financial Corporation Review 2019

First Commonwealth Financial Corporation Review 2019

Deposit and checking services – The Bank’s Customer services include personal checking, with-interest checking, savings accounts, a bank insured money market accounts, investment certificates, fixed and variable rate deposits. All of these are designed to meet communities having small and medium-size businesses.

Loans – The bank provides a wide array of loan services. These include but are not limited to, mortgage loans, secured Instalment loans and unsecured installment loans, construction loans and real estate loans, safe deposits, credit cards, and credit lines with overdraft checking protection. These can be availed by all clients irrespective of their prior account status. The bank has been working with the communities for a long time and has good knowledge about the needs of the community.

Other services – The bank also engages in advisory and fiduciary services to some extent. IRA accounts, and automated teller machine (ATM) services, as well as Internet, mobile, and telephone banking services.

The company’s commercial banking services Include commercial lending programs, business checking accounts (low charge high volume), online account management services (through mobile devices), payroll management services, commercial cash management, and repurchase agreements. It also offers various trust and asset management services.

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Insurance – The bank is also involved in the provision of insurance to the sectors of auto, home, and business. The company has recently ventured into the provision of term life insurance; and annuities. The company does not sell the insurance directly but procures insurance policies for clients after advising them through an insurance broker.

Investment advice – TH bank has a special team to take care of investment advice for clients. The Team advice clients through various aspects of investing in mutual funds, stock, and bond, through a broker-dealer.

A network of offices – As of March 2019, the company operated 137 banking offices in western and central Pennsylvania, eastern, central, and southwestern Ohio. It also leases 3 mortgage production offices and 3 corporate loan offices, as well as operates a network of more than 150 ATMs.

Asset value – The FCB has an asset value greater than 7.4 billion dollars. This is a stable situation for a mid-sized bank engaged in financing small and mid-sized businesses. This was one of the few banks to deny the funds from the Troubled Asset Relief Program.

Growth – The First Commonwealth Financial Corporation has grown exceptionally through the last decade. It has given a consistent return and reinvested good amounts of profit into business expansion. The value of the stock has given a return of 7% excluding dividend.

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Conclusion

The First Commonwealth Financial Corporation is a very old organization dedicated to serving its clients in the best possible manner. It has acquired a few financial institutions over the years and has now become one of Pennsylvania and Ohio’s major banking players in the mid-size business funding sector.

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The company has a clean track record and has been a very ethical one so far, it denied a bailout after the 2009 market crash and survived through perilous times to rise strongly.