PITTSBURGH — One of Pittsburgh’s biggest banks is reducing its branch network 20% by year-end, putting about 30 branches on the chopping block.
First Commonwealth Financial Corp. disclosed the consolidation plans within its second-quarter earnings release, issued after market close on Tuesday. The sites were not identified.
It is part of a profitability initiative called “Project Thrive,” meant to grow business, maintain adequate capital, protect against further net interest margin compression and reduce operating expenses amid a difficult operating environment due to the Covid-19 pandemic.
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