First Commonwealth Financial Corp.
FCFHIGH VELOCITYFILING INTENSITYFirst Commonwealth Financial Corp. reads as an High Velocity (composite 70/100); Consistent Strategic Buyer deploying $146M across 2 disclosed transactions, newly disclosed vs the prior cycle · primary market Regional Banking.
Lens
Disclosed M&A capital (2023–2025)
$146M
vs N/A in 2020–2022
Disclosed transactions
2
2/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
70
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $1.1B disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 39d
- 271 8-Ks
Target Probability
Issuers showing target-side patterns from filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
Pressure Watch
Issuers facing activism, governance, or control pressure
Distress Watch
Issuers showing financial-distress filing patterns
- 10-Q 211d stale
Restatement Risk
Issuers with accounting-integrity flags from filings
- 4 auditor changes
- 2 NT late filings
- Latest event 7.8y ago; heavily discounted
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 271 8-Ks
- 4 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $1.9B
- 10-Q 211d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $477M · Peak count: 14
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 1 | $5M | $5M | N/A |
| 2024 | N/A | N/A | N/A | N/A |
| 2023 | 1 | $141M | $141M | N/A |
| 2022 | N/A | N/A | N/A | N/A |
| 2021 | N/A | N/A | N/A | N/A |
| 2020 | 14 | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Geographic Expansion33%
- Talent Acquisition33%
- Bolt On33%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- talent_acquisition
- bolt_on
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“Community Reinvestment. Under CRA a bank has a continuing and affirmative obligation, consistent with its safe and sound operation, to help meet the credit needs of its entire community, including low and moderate income neighborhoods.”
“During the year, First Commonwealth completed the acquisition of Laurel Capital Group “Laurel Capital” adding eight new branches in addition to opening three new offices thereby expanding its retail footprint in the Pittsburgh market.”
“The CRA requires public disclosure of an institution’s CRA rating and requires that the applicable regulatory agency provide a written evaluation of an institution’s CRA performance utilizing a four-tiered descriptive rating system.”
“Our talent acquisition priority is to foster the development of internal talent and to provide career advancement opportunities to our employees.”
“Community Reinvestment. Under the CRA, a bank has a continuing and affirmative obligation, consistent with its safe and sound operation, to help meet the credit needs of its entire community, including low and moderate income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community, consistent with the CRA. The CRA requires the applicable regulatory agency to assess an institution’s record of meeting the credit needs of its community. The CRA requires public disclosure of an institution’s CRA rating and requires that the applicable regulatory agency provide a written evaluation of an institution’s CRA performance utilizing a four-tiered descriptive rating system. An institution’s CRA rating is considered in determining whether to grant charters, branches and other deposit facilities, relocations, mergers, consolidations and acquisitions. Performance less than satisfactory may be the basis for denying an application. For its most recent examination, the Bank received a “satisfactory” rating.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Regional Banking
- Market spend (2023–2025)
- $245.7B
- Market spend (2020–2022)
- $72.8B
- Recent vs prior
- +238%
- Issuer rank in market
- N/A
- Share of market capital
- 0.0%
Valuation positioning
FCF trades at a -3.0-turn discount to the Regional Banking peer median of 12.3×.
- EV / Revenue
- 2.6×
- Net debt / EBITDA
- -0.2×
- Peer median EV / EBITDA
- 12.3×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
| 16.7× | 3.7× | -0.9× | $13.7B | $12.7B | |
| 13.9× | 3.0× | -0.7× | $58.4B | $126.1B | |
| 10.7× | 3.2× | -2.1× | $3.4B | $7B | |
| 9.3× | 2.2× | -0.3× | $14.5B | $72.6B | |
First Commonwealth Financial Corp.FCF | 9.3× | 2.6× | -0.2× | $739M | $146M |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Regional Banking. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)342026-03-02
- 10-Q (quarterly)992025-11-10
- 8-K (event)2712026-05-01
- Proxy / DEF 14A502026-04-15
- Activism (13D / DFAN / PREC)0N/A
Signals on file
- elevated
Auditor change
2018-08-174 Item 4.01 filings on file; certifying accountant change.
- watch
Late-filing notice
2017-03-012 NT 10-K/10-Q filings on file.
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Restatement risk
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.