First Commonwealth Bank completed its offerings of $50 million aggregate principal amount of its 4.875% fixed- to floating-rate subordinated notes due 2028 and $50 million aggregate principal amount of its 5.50% fixed- to floating-rate subordinated notes due 2033.
The offerings resulted in net proceeds of about $98 million, after deducting the underwriting discounts and offering expenses. The bank intends to use the net proceeds for general corporate purposes, which may include working capital, funding potential acquisitions and other strategic business opportunities.
Sandler O'Neill & Partners LP served as the sole book-running manager for the offerings, while Keefe Bruyette & Woods served as co-manager. Squire Patton Boggs (US) LLP served as legal counsel to the bank, while Shapiro Barber Bieging Otteson LLP served as legal counsel to the underwriters.
The Indiana, Pa.-based bank is a unit of First Commonwealth Financial Corp.