INDIANA, Pa., March 21 /PRNewswire-FirstCall/ -- First Commonwealth Financial Corporation today announced the hiring of J. Eric Renner as Executive Vice President / Consumer Services for First Commonwealth Bank. Mr. Renner will officially assume the role on April 1, 2008 and will oversee First Commonwealth's 113 community offices, consumer lending, small business lending, call center, and employee help desk.
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John J. Dolan, President & CEO of First Commonwealth Financial Corporation, noted, "We are very pleased to have Eric Renner join the First Commonwealth team as Executive Vice President / Consumer Services. Eric will play a critical role in the evolution of our community banking network, and he will be a driving force behind our sales efforts . . . bringing to it an additional dimension of financial discipline."
Prior to joining First Commonwealth, Mr. Renner served as Executive Vice President / Business Banking State Sales Executive at National City Corporation where he was responsible for leading the Business Banking sales efforts in the states of Pennsylvania and Indiana. Mr. Renner oversaw a team of 100 Business Banking and Cash Management Officers that served 200 retail branches. Mr. Renner also provided oversight to National City's Women Owned Business program.
Mr. Renner's 23 years of banking experience also includes an extensive background in finance, having served as Controller of Integra Bank/South and Manager of Corporate Financial Reporting at Equimark Corporation.
In addition to his many professional accomplishments, Mr. Renner is actively involved in numerous community organizations. He serves on the boards of the Pittsburgh Zoo & PPG Aquarium and the Watson Institute, an organization specializing in educating children with special needs. Mr. Renner also served as Chairman of the Watson/National City Pro-am Fund Raising Tournament in 2006 and 2007.
Mr. Renner is a graduate of Robert Morris University with a Bachelor of Science degree in Business Administration.
Eric Renner and his wife, Janet, reside in Sewickley, PA with their four children.
In accordance with New York Stock Exchange (NYSE) Rules, First Commonwealth will issue to Mr. Renner an inducement award consisting of a number of shares of restricted stock having a value of $150,000 based on the price prevailing at the time of the grant. The restricted stock will vest ratably in three installments on each of the first three anniversaries of Mr. Renner's employment. The terms of the award were approved by the Executive Compensation Committee of First Commonwealth's Board of Directors as an employee inducement award under NYSE rules.
About First Commonwealth Financial Corporation
First Commonwealth Financial Corporation is a $5.9 billion bank holding company headquartered in Indiana, Pennsylvania. It operates 113 community 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.
Forward-Looking Statements
This release may contain forward-looking statements regarding First Commonwealth's future plans, strategies, expectations and financial performance. These statements are based on assumptions and involve risks and uncertainties, many of which are beyond the control of First Commonwealth and which may cause actual results, performance or achievements to differ materially from the results, performance or achievements contemplated by the forward-looking statements. Such risks and uncertainties include, among other things, adverse change in the economy or business conditions, increases in defaults by borrowers and other delinquencies, fluctuations in interest rates, changes in legislative or regulatory requirements, and other risks and uncertainties described in First Commonwealth's reports filed with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.
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