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First Commonwealth Financial, Garfield Acquisition secure merger approvals

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First Commonwealth Financial, Garfield Acquisition secure merger approvals

Indiana, Pa.-based First Commonwealth Financial Corp. and Cincinnati-based Garfield Acquisition Corp secured all required regulatory approvals for the proposed merger of their subsidiaries.

The Federal Deposit Insurance Corp. and the Pennsylvania Department of Banking and Securities approved the merger of Foundation Bank, a unit of Garfield Acquisition, into First Commonwealth Bank, a unit of First Commonwealth Financial.

The Federal Reserve Bank of Cleveland granted First Commonwealth Financial a waiver of its merger application requirements.

No additional regulatory or shareholder approvals are needed to complete the transaction.