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First Commonwealth Bank
First Commonwealth Bank

Financial services / Community banking and financial services

At a Glance | Core Facts | Company | Industry | Competitors | Stock Swings | News | Income | Balance | Cash Flow | Growth | Enterprise | Ratios | Metrics | Dividends | Risks | SWOT | Porter's Five Forces | PEST | Score Positive | Clusters | Reports | Web
Overview

First Commonwealth Bank is a financial services company based in Indiana, Pennsylvania. It was founded in 1880 and has since grown to become a leading community bank in the state. The bank offers a wide range of services including personal and business banking, investment and wealth management, and insurance.
At First Commonwealth Bank, customers can open various types of accounts such as checking, savings, money market, and certificates of deposit. They also offer loans for personal, business, and mortgages. In addition, the bank provides financial planning and investment advisory services.
The company has over 140 locations throughout Pennsylvania and Ohio, with over 900 employees. In addition to traditional banking services, First Commonwealth Bank also offers online and mobile banking options for added convenience.
First Commonwealth Bank prides itself on its commitment to community involvement and supporting local businesses and organizations. They have a long history of philanthropy and community service, with a focus on education and economic development.
In recent years, First Commonwealth Bank has received numerous accolades for its services and commitment to its customers. This includes being named one of the "Best Banks in Pennsylvania" by MONEY Magazine and one of Forbes' "America's Best-In-State Banks" for 2021.
Overall, First Commonwealth Bank is a well-respected and trusted financial institution that continues to grow and provide valuable services to its customers and local communities.

What is special about the company?

There are a few things that set First Commonwealth Bank apart from other banking companies:
1. Community-focused: First Commonwealth Bank prides itself on being a community bank, dedicated to serving the needs of individuals, families, and businesses in the areas where they operate. They prioritize building strong relationships with their customers and giving back to the local communities through volunteer work and financial support.
2. Personalized service: As a smaller, regional bank, First Commonwealth is able to offer a more personalized and attentive level of service compared to larger national banks. Customers can expect a more individualized experience and quicker response times to their needs.
3. Comprehensive financial solutions: First Commonwealth offers a wide range of financial products and services, including personal and business banking, wealth management, insurance, and mortgages. This comprehensive approach allows customers to have all of their financial needs met under one roof.
4. Technological innovation: While rooted in traditional community banking values, First Commonwealth is also committed to staying current with technology and innovation. They have invested in digital solutions to make banking more convenient for their customers, such as mobile banking and online account opening.
5. Financial stability: First Commonwealth has a strong history of financial stability and has consistently received high ratings from independent rating agencies. This provides customers with confidence and peace of mind, knowing their money is in good hands.

What the company's business model?

The business model of First Commonwealth Bank is to provide a wide range of financial services to individuals, businesses, and communities in western and central Pennsylvania through its network of branches and digital channels. This includes offering personal and business checking and savings accounts, home and auto loans, credit cards, investment services, insurance, and wealth management services. The bank also focuses on building strong relationships with its customers by providing personalized service and community involvement. Its goal is to drive customer satisfaction, operational efficiency, and long-term profitability.

Interesting facts about the company

1. First Commonwealth Bank was founded in Indiana, Pennsylvania in 1880 by a group of local businessmen.
2. The bank operated under the name Indiana County Savings Bank until it changed its name to First Commonwealth Bank in 1982.
3. First Commonwealth Bank is a community bank that serves customers in over 140 locations throughout Pennsylvania and Ohio.
4. The bank offers a wide range of financial services, including personal and business banking, wealth management, and insurance.
5. First Commonwealth Bank is the 6th largest bank in Pennsylvania, with over $9 billion in assets.
6. The bank has received numerous awards and recognition for its customer service, community involvement, and workplace culture.
7. The bank’s parent company, First Commonwealth Financial Corporation, is a public traded company listed on the New York Stock Exchange.
8. First Commonwealth Bank has a strong commitment to giving back to the community and supports various local organizations and charities.
9. In 2017, the bank acquired 13 branches from Santander Bank, expanding its presence in the Pittsburgh metro area.
10. First Commonwealth Bank has been recognized by Forbes as one of America’s Best Banks for three consecutive years (2018-2020).
11. As of 2020, the bank has over 1,300 employees and has been named a Best-In-State employer by Forbes.
12. First Commonwealth Bank offers a free financial education program, called The ABCs of Dollars and Sense, for students and teachers in the communities it serves.
13. The bank has a strong online and mobile banking presence, with a variety of tools and services for customers to manage their accounts.
14. In 2020, First Commonwealth Bank was ranked #602 on the Fortune 1000 list of America’s largest companies.

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