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    First Commonwealth buying Cincinnati bank for $58M


    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.

  • Thu, 15 Mar 2018 20:17:41 +0000

    Pipeline build-out unplugs some constraints on Marcellus gas production, but new capacity could exceed demand

    Regional Business Analyst

    With over a dozen large-capacity Northeast gas midstream projects approved, completed or under regulatory review, some of the volume constraints are lifting off the Marcellus shale industry due to more gas moving to market now and additional gas going to market in the near-term future as other major projects are completed.

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  • Thu, 15 Mar 2018 20:17:45 +0000

    Ohio expecting a “baby boom” in 2018

    Regional Business Analyst

    A hop, skip and a jump across the Ohio river from where Shell Chemical is building its ethane cracker plant, over 2,000 liquids-rich Utica natural gas wells wait to feed the ethane-hungry cracker plant, which in a few years will be producing ethylene and polyethylene for the plastics manufacturing and petrochemical industries. In January, Kinder Morgan Inc.

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  • Thu, 15 Mar 2018 20:17:45 +0000

    The Winners of This Year’s Northeast Oil and Gas Awards

    PITTSBURGH – The Northeast Oil and Gas Awards were recently handed out at the Awards Gala Dinner, which was held on March 1 at the Westin Convention Center in Pittsburgh.

    A plethora of awards were handed out over the course of the evening.

    Some of the highlights:

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  • Thu, 15 Mar 2018 20:17:46 +0000

    The PIOGA 2018 Spring Meeting is coming up!

    The PIOGA 2018 Spring Meeting kicks off March 21 at Rivers Casino in Pittsburgh. The exciting event provides industry professionals the opportunity to discuss and explore the most pressing issues affecting the oil and gas industry today, particularly as related to our region. The daylong annual conference will delve into a range of market, governmental and infrastructure topics of interest.

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  • Thu, 15 Mar 2018 20:17:51 +0000

    Lycoming County experiences natural gas resurgence


    Close your eyes. Think about Williamsport. What’s the first thing that comes to mind?

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  • Thu, 15 Mar 2018 20:17:53 +0000

    New business brings big job opportunities to Clinton County


    Over the years, Clinton County has seen some economic growth due to the Marcellus Shale boom. Here at Marcellus Business Central, we thought it would be a good time to catch up with Michael Flanagan, the president of the Clinton County Economic Partnership.

    MBC: Tell our readers about your position and your background.

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  • Thu, 15 Mar 2018 20:17:57 +0000


  • Thu, 15 Mar 2018 20:17:58 +0000

    Feds OK Marcellus wastewater disposal well in Plum

    PITTSBURGH, PA. – (AP) – A planned disposal well in Plum is likely more than a year away from accepting its first truckload of oil and gas waste fluids, but the project advanced when it received a major federal permit.

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  • Thu, 15 Mar 2018 20:17:58 +0000




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  • Thu, 15 Mar 2018 20:18:01 +0000

    March Well Report


    The Pennsylvania Department of Environmental Protection issued 459 drilling permits in the Marcellus Business Central coverage area in January and February. Unless otherwise stated, all permits issued are for new, unconventional, horizontally-drilled natural gas wells.

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  • Mon, 19 Mar 2018 15:26:59 +0000

    National Society of Black Engineers convention to come to Pittsburgh

    The National Society of Black Engineers will host its 44th Annual Convention in the Steel City this week. The event, with over 12,000 attendees expected, will be held March 21-25 at the David L. Lawrence Convention Center and nearby facilities in downtown Pittsburgh. The group has over 500 chapters and more than 17,000 active members abroad and in the U.S. NSBE was founded in 1975. The organization’s main goal is for the U.S. to graduate 10,000 black engineers with bachelor’s degrees annually…
  • Mon, 19 Mar 2018 14:40:25 +0000

    Highmark Health sees $1B year-over-year improvement in net income

    Highmark Health reported $1.1 billion in net income in 2017, an improvement of nearly $1 billion over the previous year even as operating revenue stayed flat. The Pittsburgh-based insurer’s $1.1 billion in net income compared to $59 million in 2016 on revenue of $18.3 billion in 2017, compared with $18.2 billion in 2016. Its operating gain was $616 million, up from $62 million in 2016. The gains were due to an increase in revenue from Highmark’s commercial and government insurance businesses,…
  • Mon, 19 Mar 2018 12:30:23 +0000

    Columbia Gas asks state for rate increase approval

    Cloumbia Gas of Pennsylvania Inc. has filed a request with the state Public Utility Commission to adjust its rates. If approved, the company, a subsidiary of NiSource Inc. (NYSE: NI), will continue to upgrade and replace natural gas distribution pipelines, according to a news release. The average total bill for a residential customer could increase between 3 percent and 31 percent, depending on how much gas each customer purchases, the release said. Between 2007 and 2017, Columbia invested more…
  • Mon, 19 Mar 2018 12:10:11 +0000

    CNX Midstream closes deal for gas-gathering system

    CNX Resources Corp. completed a deal to sell a gas-gathering system in West Virginia to to its midstream MLP. CNX Midstream Partners LP (NYSE: CNXM) will now have a 95 percent interest in the Shirley-Pennsboro gathering system, according to a release. The system gathers about 180 million cubic feet of Marcellus Shale wet gas in four counties in West Virginia. The deal between CNX (NYSE: CNX) and CNX Midstream will involve an amended gas gathering agreement and a minimum production commitment,…
  • Mon, 19 Mar 2018 12:04:34 +0000

    Pittsburgh's Coolest Offices: Hayes Design Group Architects

    Welcome to Pittsburgh Business Times' Coolest Offices. We will showcase interesting, inspiring and attractive office spaces in the Pittsburgh region every week. COMPANY: Hayes Design Group Architects ADDRESS: 100 Ryan Court, Suite 11, Pittsburgh, PA 15205 TYPE OF COMPANY: Architecture firm WHY IT'S A COOL OFFICE:  Hayes Design Group Architects (HDG) has been in business 25 years, but moved the firm's office to Robinson Township about a year ago. HDG took on the project of renovating vacant…
  • Mon, 19 Mar 2018 12:01:42 +0000

    Pittsburgh company raises $1.1M

    Skycision, partly based in Pittsburgh, announced Monday it has raised a $1.1 million seed funding round. Skycision, founded in 2015, offers a data platform that uses drones to gather data for agriculture, aiming to help farmers make better decisions regarding their crops. The funding will help Skycision in three main areas, said CEO and founder Brendan Carroll. The company solely used drone imagery up to the start of 2018 and now is actively leveraging satellite imagery and working to scale those…
  • Mon, 19 Mar 2018 11:59:49 +0000

    Timothy Zimmerman to chair ICBA

    A local banker is the new chairman of the organization representing 5,700 community banks nationwide. Timothy Zimmerman was elected chairman of the Independent Community Bankers of America on Friday during ICBA’s national convention in Las Vegas. He is leading ICBA’s 2018-2019 executive committee and board. Zimmerman is CEO of Monroeville-based Standard AVB Financial Corp., which is Pittsburgh’s 18th-largest bank, according to deposit market share.
  • Mon, 19 Mar 2018 11:56:48 +0000

    Teen retailer Claire’s files for bankruptcy

    Claire’s Stores Inc., a mall-based retailer that specializes in selling fashion accessories to teens, filed for bankruptcy Monday. Claire’s, known for its ear-piercing service, agreed to a restructuring plan with a group of creditors led by Elliott Management Corp. and Monarch Alternative Capital LP, according to a statement Monday reported by Bloomberg. The ad hoc group of first lien lenders will provide the company with about $575 million of new capital, including a $250 million first lien…
  • Mon, 19 Mar 2018 11:54:23 +0000

    Construction employment jumps in Pittsburgh metro for January

    The Pittsburgh metro gained 5,000 construction jobs between January 2017 and January 2018, according to Associated General Contractors of America analysis of federal employment data. The 10 percent gain ranked Pittsburgh 46th among 358 metros nationwide for employment growth in the industry over the past year. Pittsburgh had 52,800 construction employees in January 2018, compared with 47,800 the year prior. A national map, showing how metros across the nation fared, can be found here. To see…
  • Fri, 16 Mar 2018 19:13:23 +0000

    Soffer still capitalized to invest and make improvements at SouthSide Works

    The Soffer Organization continues to invest to keep SouthSide Works Class A as it negotiates a financial restructuring and a joint venture partnership with Thor Equities.
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