First Commonwealth Financial Corp. announced it has completed its acquisition of DCB Financial Corp., effective Monday.
The Delaware Bank and Trust Co. has also merged into First Commonwealth Bank. The core banking systems conversion, along with signage and account changes for clients, is expected to be completed over the weekend of May 20.
“We are pleased to complete this strategic transaction and thrilled to welcome our new shareholders, clients and team members to First Commonwealth,” said President and Chief Executive Officer T. Michael Price. “Within the next few weeks, we will combine our computer systems and branch operations. During this transition and beyond, our clients will continue to receive the same level of outstanding client service from the same bankers they’ve come to know so well.”
The acquisition, which was announced on Oct. 3, includes 13 banking offices in Delaware County giving First Commonwealth 135 financial solution centers throughout its footprint.
With $550 million in assets and $477 million in deposits as of Dec. 31, the acquisition of DCB Financial will significantly expand First Commonwealth’s presence in Central Ohio and improve its deposit market share to No. 3 in Delaware County.
Pursuant to the merger agreement, First Commonwealth has appointed former DCB Financial director Bart E. Johnson to serve on its Board of Directors effective immediately following First Commonwealth’s 2017 Annual Meeting of Shareholders, which has been called for April 25.
“It is my pleasure to welcome Bart Johnson to First Commonwealth’s Board of Directors,” said First Commonwealth Chairman of the Board David S. Dahlmann. “Bart brings extensive leadership experience and a strong background in agriculture and communications. I am certain Bart will prove to be an invaluable resource in the boardroom and I look forward to serving alongside him.”
First Commonwealth is headquartered in Indiana, Pa., and is a financial services company with 135 banking offices in 20 counties throughout western and central Pennsylvania and northeastern and central Ohio, as well as a Corporate Banking Center in northeast Ohio and mortgage offices in Stow and Dublin, Ohio.