Skip to Content
GlobeNewswire

First Commonwealth Bank Announces Entry into Equipment Finance Business

INDIANA, Pa., June 14, 2021 (GLOBE NEWSWIRE) -- First Commonwealth Bank announced today that they will enter the equipment leasing and finance business with the addition of Rob Boyer to its executive team as President of First Commonwealth Equipment Finance Group.

Boyer brings a wealth of industry knowledge with 26 years in the equipment finance space as he starts, develops and leads the Bank’s entry into the small ticket equipment finance business.

T. Michael Price, CEO of First Commonwealth, states that, “It is an honor to have someone with Rob’s experience on our team. As an icon in the industry, Rob brings vast experience in running an autonomous, multi-faceted equipment finance business seamlessly within a banking environment.” 

In addition to Boyer’s robust knowledge of the business and vast network of industry contacts, he is currently a Board Director and Vice Chairman of the Equipment Leasing and Finance Association (ELFA) and has previously chaired its Membership Committee and Small Ticket Business Council Steering Committee. He has also served as a Director for the Certified Leasing and Finance Professional Foundation.

“The ‘people and customer first’ culture of First Commonwealth, along with its scale and aggressive growth goals, are what attracted me to starting an entirely new business line for First Commonwealth,” Boyer said. “The executive team truly walk the talk from a culture perspective and were great to work with in developing the strategy into action.”

Price said the Bank’s entry into the equipment leasing and finance business is a strategic initiative that is consistent with First Commonwealth’s goal to be the best bank for business. They like the granularity it will add to their commercial portfolio and the financing opportunities it opens up in favorable geographies.

The company’s entry into the business follows the pattern of the bank’s successful de novo entry into the mortgage business in 2014 and its organic expansion of its SBA and indirect auto businesses, as well as its successful integration of five acquisitions in that time frame. The equipment finance business is expected to break even late in 2022, after which it is expected to provide a meaningful contribution to the company’s earnings and continue the track record of positive operating leverage.

The equipment leasing and financing division will be headquartered in suburban Philadelphia.

About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, 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, Pennsylvania, 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 banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.

Media Relations:
Jonathan E. Longwill
Vice President / Communications and Media Relations
Phone: 724-463-6806
E-mail: JLongwill@fcbanking.com

Investor Relations:
Ryan M. Thomas
Vice President / Finance and Investor Relations
Phone: 724-463-1690
E-mail: RThomas1@fcbanking.com


Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.