First Commonwealth Financial shuttering 20% of its branch network

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.