First Commonwealth Financial Corporation (NYSE:FCF) signed a definitive merger agreement to acquire Foundation Bancorp, Inc. for $57.6 million on January 10, 2018. Under the terms of the transaction, First Commonwealth will issue 2.75 million common shares and will pay $17.4 million in cash (70% stock and 30% cash) to the shareholders of Foundation Bancorp. Upon closing of the transaction, Foundation Bancorp will merge into First Commonwealth Financial Corporation and Foundation Bank, the banking subsidiary of Foundation Bancorp, will be merged with and into First Commonwealth Financial Corporation’s subsidiary, First Commonwealth Bank. The merged entity will operate under the First Commonwealth name. The transaction remains subject to regulatory approval and other customary closing conditions. As on March 27, 2018 First Commonwealth Financial received all of the required regulatory approvals for acquisition. The transaction is expected in the second quarter of 2018. First Commonwealth expects that the transaction will be accretive to tangible book value per share at closing and nominally accretive to earnings per share in the first full year of operations. Raymond James & Associates, Inc. acted as financial advisor for First Commonwealth Financial Corporation and Jim Barresi of Squire Patton Boggs LLP acted as legal advisor for Foundation Bancorp.