First Commonwealth Bank in Indiana, Pa., has agreed to buy First Community Bank in Columbus, Ohio.
The $6.3 billion-asset First Commonwealth said in a press release Monday that it will pay about $15 million in cash for the $100 million-asset First Community.
"This partnership enhances our current lending activity in the Columbus market," T. Michael Price, First Commonwealth's chief executive, said in the release. "Entering Columbus has been a strategic priority for us, and this acquisition provides us with an established presence in the market and allows us to serve and expand upon First Community's well-established customer base."
First Commonwealth said it expects to cut about 40% of First Community's expenses. The deal, which should be accretive to First Commonwealth's earnings within a year, is expected to close in the fourth quarter.