This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Commonwealth Announces Retirement Of John J. Dolan As President And CEO; Board Appoints T. Michael Price As Interim President And CEO





INDIANA, Pa., Dec. 5, 2011 /PRNewswire/ -- First Commonwealth Financial Corporation (NYSE: FCF) today announced that John J. Dolan will retire as President and Chief Executive Officer effective December 31, 2011.  Mr. Dolan will also step down as a member of First Commonwealth's Board of Directors and as an officer and director of First Commonwealth Bank, First Commonwealth Insurance Agency and First Commonwealth Financial Advisors, Inc.

(Logo:  http://photos.prnewswire.com/prnh/20030416/FIRSTLOGO )

The Board of Directors has appointed T. Michael Price as interim President and Chief Executive Officer of First Commonwealth Financial Corporation until a permanent successor for Mr. Dolan is named.  Mr. Price currently serves as President of First Commonwealth Bank, a position he will continue to hold while serving as interim President and Chief Executive Officer.  The Board intends to conduct a formal search for the President and Chief Executive Officer position and has engaged Korn/Ferry International to lead the search.

Mr. Dolan joined the organization in 1980.  He served as Chief Financial Officer until 2007, when he was promoted to Chief Executive Officer.  In summarizing his career, Mr. Dolan stated "I have been honored to be part of the growth and development of this organization, from 19 branches and $235 million in assets in 1980 to 112 branches and $5.7 billion in assets in 2011.  I am also very proud of the level of service we continue to provide the communities we serve, even in these particularly challenging times.  I want to thank every associate, past and current, for their friendship, camaraderie and contributions.  Together we have taken the necessary steps to put First Commonwealth on sound footing for the future."

"John has been crucial in the growth of the bank, helping to build our organization into a truly exceptional community bank in western Pennsylvania, with one of the strongest capital reserves in the region and an equally impressive management team," said non-executive Chairman David S. Dahlmann of Mr. Dolan.  "John has led this institution through extremely challenging times with unwavering focus and determination.  He will be missed in the organization, but I am certain he will continue to be a visible member of the community going forward.  He has our collective best wishes in his retirement."

"We are also pleased to have someone of Michael's caliber to lead the organization during this transition period," Mr. Dahlmann continued.  "His strong track record and knowledge of the business will enable us to execute our growth strategies in building for the future."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs