INDIANA, Pa. -- First Commonwealth Financial Corp. said it has completed a definitive agreement to purchase Peoples Bank of Western Pennsylvania, New Castle.

First Commonwealth agreed to pay stock worth $62 for each Peoples share, for a total of about $23 million, in a pooling of interests.

First Commonwealth owns six banks, led by National Bank of the Commonwealth and has $1.7 billion of total assets. Peoples has $156 million of assets.

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