First Commonwealth Financial Corp. and DCB Financial Corp. announced Monday the receipt of all required regulatory approvals for the proposed merger of DCB Financial and First Commonwealth.
The Federal Deposit Insurance Corporation has approved the Bank Merger Act application to merge The Delaware County Bank and Trust Company, the bank subsidiary of DCB Financial, into First Commonwealth Bank, First Commonwealth’s bank subsidiary. The Pennsylvania Department of Banking and Securities has approved the merger of DCB Financial into First Commonwealth and the bank merger.
The Federal Reserve Bank of Cleveland has granted First Commonwealth a waiver of its merger application requirements.
DCB Financial shareholders will vote on the proposed merger at a special meeting of the shareholders scheduled for March 16. The merger is expected to have an effective closing date of April 3.
According to previous Gazette reporting, the $106 million, or about $14.50 per share, transaction will provide the Indiana, Pa.-based First Commonwealth, the parent company of First Commonwealth Bank, with about $556 million in total assets, $467 million in total deposits, $397 million in total loans and nine full-service banking offices in central Ohio.
First Commonwealth will add one DCB Financial director to its board of directors.
Both companies’ board of directors unanimously approved the merger in October, which is expected to be completed in the second quarter of 2017 depending on closing conditions, approval of DCB shareholders and bank regulatory authorities.
The Delaware County Bank was chartered in 1950 as a full-service community bank and was the largest financial institution headquartered in Delaware County, according to its website, and and operated more than 10 banking center locations in Delaware county. DCB became a subsidiary of DCB Financial, which was incorporated in 1997.