INDIANA, Pa., Jan. 16 /PRNewswire-FirstCall/ -- First Commonwealth
Financial Corporation (NYSE: FCF) announced today that John J. Dolan has been
selected to become President and Chief Executive Officer on March 1, 2007,
succeeding the current President, Joseph E. O'Dell, who is stepping down
effective February 28, 2007. David S. Dahlmann, Chairman of the Board,
announced that the Board today accepted with regret the resignation of Mr.
O'Dell. Mr. Dahlmann stated, "Joe O'Dell decided that it was time for him to
conclude his remarkable forty-two year career, the last twelve years as
President and CEO of the Corporation. His many contributions to building
First Commonwealth to the strong organization that we have today have been
significant and are deeply appreciated by the Board and all of us at First
Commonwealth. The Board has exercised its succession plan in naming John
Dolan, the current Executive Vice President and Chief Financial Officer, as
only the third President in the Corporation's history."
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Joe O'Dell stated, "I determined that the time was right for me and the
organization to install the next generation of leadership at First
Commonwealth. John Dolan has my full confidence and support. The best years
for First Commonwealth lie in the future and I know that John and his seasoned
management team will be very successful."
Dave Dahlmann announced, "First Commonwealth's commitment to be the First
Choice for financial services in our marketplace will not only continue but
accelerate under John Dolan's leadership. We are also very pleased that Joe
has agreed to be available, on a consultative basis, to assist in achieving
our vision of First Choice."
John Dolan, 50, has been with the organization for 27 years and was named
Chief Financial Officer in 1987. John is currently Chairman of the Indiana
County Chamber of Commerce, Treasurer of the Indiana Regional Medical Center,
a member of the West Liberty State College Foundation Board and other
volunteer organizations. He and his wife Kim live in Indiana and have three
children David, Rob and Beth. They also have a daughter-in-law, Tara, and one
grandson, Michael.
In a related appointment, Edward J. Lipkus III, 43, has been named as
Chief Financial Officer also effective March 1, 2007. Ed joined the
organization as First Commonwealth's Senior Vice President and Controller in
August 2006. Prior to joining First Commonwealth, Mr. Lipkus served as First
Vice President, Controller and Principal Accounting Officer for Valley
National Bancorp., a $12 billion bank holding company located in Wayne, New
Jersey. Ed and his wife Bernadette live in Indiana with their four-year old
triplets Erin, Joseph and Kristin.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation is a $6.1 billion bank holding
company headquartered in Indiana, Pennsylvania. It operates 110 retail branch
offices in 15 counties in western and central Pennsylvania through First
Commonwealth Bank, a Pennsylvania chartered bank and trust company. Financial
services and insurance products are also provided through First Commonwealth
Insurance Agency and First Commonwealth Financial Advisors, Inc
SOURCE First Commonwealth Financial Corporation
Contact: John Dolan, Executive Vice President and Chief Financial Officer of First Commonwealth Financial Corporation, +1-724-349-7220