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    First Commonwealth buying Cincinnati bank for $58M

    1/11/2018

    First Commonwealth Financial Corp. is acquiring Cincinnati-based Garfield Acquisition Corp., parent of Foundation Bank, in a cash and stock transaction valued at approximately $58 million.The deal is expected to close in the second quarter.

    First Commonwealth (NYSE:FCF), based in Indiana, Pa., is Pittsburgh’s 11th-largest bank as ranked by deposit market share. It operates 135 branches, including 71 in the Pittsburgh metro, and has assets of $7.4 billion.

    Foundation Bank has five branches, total assets of $216 million and loans of $187 million.

    “This partnership is a continuation of our strategy to expand our footprint into Ohio, and is the perfect follow up to our recent successful acquisitions in northern and central Ohio,” First Commonwealth CEO Michael Price said in a prepared statement. “Foundation Bank represents an excellent springboard for our commercial and mortgage banking activities in the Cincinnati metro area.”

    Prior to joining First Commonwealth, Price led National City Corp. in Cincinnati.

    When the transaction is completed, First Commonwealth will have a presence in each of Ohio’s three largest metro areas. Within the past five years, First Commonwealth has opened a commercial banking center in Cleveland, acquired two banks in Columbus, purchased a branch network in Canton, and opened mortgage offices in suburban Akron and Columbus.

  • Fri, 12 Jan 2018 00:54:27 +0000

    Appalachian Gas Takes On the World

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    The prolific Marcellus and its deeper sister-shale, the Utica, are collectively called ‘The Beast in the East’ because they’re loaded with natural gas. This remarkable bounty is driving a renaissance in manufacturing throughout the Northeast, ushering a new era of cleaner power generation – and opening doors for U.S. gas traders around the world.

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  • Fri, 12 Jan 2018 00:54:28 +0000

    The Original Supplier, Plus Affordable Compliance

    BY R. BROCK PRONKO
    Regional Business Analyst

    In 1959, more than 40 years before Range Resources kicked off the shale gas boom by successfully drilling the first horizontal well in the Marcellus in Washington County, Pa., Ken Miller Supply in Wooster, Ohio, was the original oil and gas well casing supply company in the Appalachian Basin, providing oil and gas operators with steel pipe casings for drilling vertical wells.

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  • Fri, 12 Jan 2018 00:54:28 +0000

    2018 Pipeline Update

    BY CHRIS MORELLI
    Correspondent

    Since the calendar has flipped to 2018, it’s probably a good time to take a look around at the pipeline situation along the East Coast.

    There are several key pipeline battles involving landowners, environmentalists, states and the federal government.

    With that in mind, here’s a breakdown of East Coast pipelines, their status and what lies ahead:

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  • Fri, 12 Jan 2018 00:54:29 +0000

    Pennsylvania shuts down construction on Sunoco gas pipeline

    By MICHAEL RUBINKAM
    Associated Press

    Pennsylvania environmental officials ordered Sunoco on Wednesday to halt construction of a natural gas pipeline across the southern part of the state, citing a series of spills and leaks of drilling fluid and other “egregious and willful violations” of state law that have plagued the $2.5 billion project.

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  • Fri, 12 Jan 2018 00:54:30 +0000

    Work continues on Back Mountain pipeline project, despite pending lawsuit

    By BILL WELLOCK
    Associated Press

    DALLAS TWP.- Dale Wilkie is angry.

    He is part of a lawsuit in federal court disputing The Williams Companies’ creation of a permanent easement on part of his property to build a pipeline for its Atlantic Sunrise project.

    That suit is ongoing, even as work continues not far from his house in Dallas Twp.

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  • Fri, 12 Jan 2018 00:54:41 +0000

    A Q&A with Jack Manning, Executive Director and President of Beaver County Chamber of Commerce

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    BY R. BROCK PRONKO
    Regional Business Analyst

    On the snow-covered, 350-acre site of the future Shell Chemicals Appalachia ethane cracker plant, more than 1,000 construction workers and technicians are now working on the main phase of the construction project, which will consist of 200 major components and 95 miles of pipeline.

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  • Fri, 12 Jan 2018 00:54:41 +0000

    PA DEP will implement a new strategy to reduce methane emissions from natural gas operations

    BY R. BROCK PRONKO
    Regional Business Analyst

    This year, Pennsylvania will become the second shale gas-producing state in the U.S. to adopt rules to control natural gas industry-related methane emissions.

    During the second quarter of 2018, the

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  • Fri, 12 Jan 2018 00:54:45 +0000

    January DEP Well Permits Report

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    There were a total of 445 drilling permits issued by the Pennsylvania Department of Environmental Protection in the Marcellus Business Central coverage area in November and December. Unless otherwise stated, all permits issued are for new, unconventional, horizontally-drilled natural gas wells.

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  • Fri, 12 Jan 2018 00:54:45 +0000

    Companies bring new ideas to the industry, win big in Shale Gas Innovation Contest

    BY CHRIS MORELLI

    The Shale Gas Innovation and Commercialization Center at Penn State held its 6th annual Shale Gas Innovation Contest. Three companies each walked away with a check for $20,000.

    Those companies were:

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  • Fri, 12 Jan 2018 00:54:46 +0000

    Eclipse Resources Corporation announces the closing of its previously announced Utica Shale drilling joint venture

    STATE COLLEGE, PA.

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  • Tue, 16 Jan 2018 13:21:13 +0000

    Kennametal names two new executives

    Kennametal announced the appointment of two new vice presidents who will lead two sections of the company. Peter Dragich was named a Kennametal vice president and president of the industrial business section, and Ron Port was also named a Kennametal vice president and president of the infrastructure business segment, according to a news release. "These leadership changes are designed to position the company to well execute the growth, simplification and modernization plans ...," said Chris Rossi, Kennametal president…
  • Tue, 16 Jan 2018 13:09:49 +0000

    Hollywood Theater in Dormont sold

    Theatre Historical Society of America has reached an agreement to purchase the Hollywood Theater in Dormont. Nonprofit organization Friends of the Hollywood Theater was leasing the building from Hollywood Partners LLC, a division of real estate firm Kelly-Riley-Nells Barna & Associates, according to a news release from the group. The sale price was not disclosed. Richard Fosbrink, a former board member of the Friends of the Hollywood Theater, is executive director of the Pittsburgh-based Theatre…
  • Tue, 16 Jan 2018 13:08:25 +0000

    Best Buy near Pittsburgh Mills to close

    Best Buy in Frazer Township near Pittsburgh Mills mall will be closing March 31. The company did not renew its lease with property manager Zamias, a Johnstown-based real estate firm, according to Trib Total Media. The store employees 23 full-time staff and several part-time employees, who will be able to apply for jobs at other regional Best Buy stores or will be offered a severance, according to the Trib.
  • Tue, 16 Jan 2018 13:02:38 +0000

    Pittsburgh remains strong commercial real estate market

    Newmark Knight Frank's Pittsburgh Fourth Quarter Office Market report found rents were up 44 cents per square foot among Class A space during the last three months of 2017 compared to the same period a year ago.
  • Tue, 16 Jan 2018 12:55:37 +0000

    More Pittsburgh small businesses changed hands in 4Q

    Sales of businesses in the Pittsburgh region were strong in the final three months of 2017 as 15 changed hands, compared to nine a year earlier. BizBuySell.com, a San Francisco-based website that has tracked small businesses for sale over the past decade, said the median sales price was $362,500, about 0.88 percent of the ask price. Buyers paid more than in fourth-quarter 2016, when the median price was $246,500. BizBuySell includes Allegheny, Armstrong, Beaver, Butler, Fayette, Washington and…
  • Tue, 16 Jan 2018 12:53:51 +0000

    Personalities of Pittsburgh: Manoj Jegasothy with Gordon Rees Scully Mansukhani

    In this week's Personalities of Pittsburgh, even Manoj Jegasothy is surprised at how fast his firm's downtown office has grown.
  • Tue, 16 Jan 2018 05:00:00 +0000

    Insurance 101 for new business owners

    If you’re thinking about starting a business, you know a thing or two about taking risks. But remember, it’s smart business to limit your risks however and wherever you can. That’s where business insurance — and solid advice from your agent — come into play. The short answer is absolutely. Especially if you have employees, in which case some types of insurance, including workers’ compensation and disability insurance, may be required by law. You may also be required to have insurance…
  • Mon, 15 Jan 2018 23:02:38 +0000

    Pirates chairman Nutting on sending McCutchen to Giants: 'There is simply nothing easy about this decision'

    Days after they dealt pitcher Gerrit Cole to the Houston Astros, the Pittsburgh Pirates sent All-Star outfielder Andrew McCutchen to the San Francisco Giants. The Pittsburgh Pirates traded McCutchen for pitcher Kyle Crick, minor league outfielder Bryan Reynolds and $500,000 in international bonus pool space from the San Francisco Giants, according to a news release. Pirates chairman Bob Nutting said McCutchen exhibited his talent and leadership during his MVP season in 2013 and his three postseason…
  • Mon, 15 Jan 2018 17:24:00 +0000

    Pennsylvania drilling continues momentum into new year

    Pennsylvania's natural gas industry continued the strength it found in the last weeks of 2017, with 36 rigs running in the commonwealth as of Friday. It's been the same number since Dec. 15, according to data released by oilfield services giant Baker Hughes. But it's up five rigs from Dec. 1, 2017, and it's three more than there were this time a year ago.
  • Mon, 15 Jan 2018 17:21:57 +0000

    AHN announces new director of breast surgery

    Allegheny Health Network announced breast surgical oncologist Angela J. Keleher will be the health system's new director of the Division of Breast Surgery. Keleher previously served as director of the Dyson Breast Center in Poughkeepsie, New York, where she oversaw a $4.2 million renovation and expansion project, according to a news release. Prior to that, she served as chief of breast surgical oncology at AHN’s West Penn Hospital and assistant professor of surgery at Temple University School…
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