First Commonwealth Bank to book $5.1M gain from sale of Visa shares

Indiana, Pennsylvania-based First Commonwealth Bank, a subsidiary of First Commonwealth Financial Corp., sold its remaining Visa Inc. class B shares in January for a gain of approximately $5.1 million to be recognized in the first quarter.

The revenue from the sale offsets losses from selling securities valued at $53.7 million, which had a yield of 2.6%, and subsequently acquiring new securities with a yield of around 5.4%, according to a Jan. 28 earnings release.