First Commonwealth in Pa. hires state politician to become regional president

First Commonwealth Financial in Indiana, Pa., has hired a high-ranking state politician to serve as one of its regional presidents.

The $7.6 billion-asset company said in a press release Wednesday that David Reed, 40, will oversee its operations around Indiana.

Reed, a Republican, will step down as majority leader of the Pennsylvania House of Representatives next month. His plans to run for Congress were undone when court-ordered redistricting took him out of contention for a specific seat.

Reed’s leadership experience and understanding of economic issues affecting western and central Pennsylvania make him an ideal regional president, Mike Price, First Commonwealth's CEO, said in the release.

Reed "is a model leader to serve as a primary business development catalyst throughout the region, and we’re privileged to have him join the First Commonwealth team,” Price said.

Reed said he was looking for a job that would let him continue playing a role in regional and statewide economic development.

While a number of bankers have made a name in politics after leaving banking, it is rare for a politician to join the industry.

Peter Fitzgerald, who founded Chain Bridge Bancorp in McLean, Va., in 2007, represented Illinois in the Senate from 1999 to 2005. Fitzgerald, who is still the company's chairman, comes from a family with deep banking roots. His father, Gerald, was CEO of a Chicago community bank.