First Commonwealth Bank announces entry into equipment
INDIANA, Pa., June 14, 2021 (GLOBE NEWSWIRE) – First Commonwealth Bank today announced its entry into the equipment leasing and financing business with the addition of Rob Boyer to its management team as Chairman of First Commonwealth Equipment Finance Group.
Boyer brings extensive industry knowledge with 26 years in the equipment finance field as he starts, develops and leads the Bank’s entry into the low cost equipment finance industry.
T. Michael Price, CEO of First Commonwealth, said: “It is an honor to have someone with Rob’s experience on our team. As an industry icon, Rob brings a wealth of experience running a self-sustaining, multidimensional equipment finance business seamlessly in a banking environment.
In addition to Boyer’s solid knowledge of the business and extensive network of industry contacts, he is currently a Director and Vice President of the Equipment Leasing and Finance Association (ELFA) and previously chaired its Membership Committee. and the Steering Committee of the Small Ticket Business Council. He was also director of the Certified Leasing and Finance Professional Foundation.
“First Commonwealth’s ‘people and customer first’ culture, along with its aggressive scale and growth goals, prompted me to launch a whole new line of business for First Commonwealth,” said Boyer. “The leadership team has really preached from a culture perspective and has been great working with them to turn strategy into action.”
Price said the Bank’s entry into the equipment leasing and financing industry is a strategic move in line with First Commonwealth’s goal of being the best bank for business. They appreciate the granularity that it will bring to their commercial portfolio and the financing opportunities that it opens up in favorable geographic areas.
The company’s entry into the industry follows the pattern of the bank’s successful de novo entry into the mortgage industry in 2014 and its organic expansion of its SBA and indirect auto businesses, along with the successful integration of five acquisitions during this period. The equipment finance business is expected to break even at the end of 2022, after which it is expected to make a significant contribution to the company’s earnings and continue its positive operating leverage record.
The equipment leasing and financing division will be headquartered in the suburbs of Philadelphia.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pa., Is a financial services company with 119 community banking offices in western and central Pennsylvania and throughout Ohio, as well as business banking centers in Pittsburgh, PA, and Canton, Cincinnati. , Cleveland and Columbus, Ohio. The company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson, Lewis Center and Youngstown, Ohio. First Commonwealth provides a full range of commercial, personal banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information on First Commonwealth or to open an account today, please visit www.fcbanking.com.
Jonathan E. Longwill
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Ryan M. thomas
Vice-President / Finance and Investor Relations
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