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Indiana, Pa.-based First Commonwealth Bank prices debt offerings

First Commonwealth Bank priced a private offering of $50 million aggregate principal amount of its 4.875% fixed-to-floating rate subordinated notes due 2028.

Also priced was an offering of $50 million aggregate principal amount of the bank's 5.500% fixed-to-floating rate subordinated notes due 2033. Both offerings are expected to close on or about May 21.

The notes — maturing June 1, 2028 — will bear interest at a fixed rate of 4.875% per year, payable semi-annually in arrears on June 1 and Dec. 1 of each year, beginning May 21, to but excluding June 1, 2023. From and including June 1, 2023, the notes will bear interest at a floating rate per annum equal to three-month LIBOR plus 184.5 basis points, payable quarterly in arrears on March 1, June 1, Sept. 1 and Dec. 1 of each year, through maturity or earlier redemption.

Meanwhile, the notes — maturing June 1, 2033 — will bear interest at a fixed rate of 5.500% per year, payable semi-annually in arrears on June 1 and Dec. 1 of each year, beginning May 21, to but excluding June 1, 2028. From and including June 1, 2028, the notes will bear interest at a floating rate per annum equal to three-month LIBOR plus 237 basis points, payable quarterly in arrears on March 1, June 1, Sept. 1 and Dec. 1 of each year, through maturity or earlier redemption.

Sandler O'Neill & Partners LP is serving as the sole book-running manager for the offering, while Keefe Bruyette & Woods is serving as co-manager.

The Indiana, Pa.-based bank is a unit of First Commonwealth Financial Corp.