One of the stocks which could get considerable attention from investors this morning is that of Centric Financial Corporation (OTCMKTS:CFCX) owing to some significant developments this past Friday.
On Friday, CFCX stock surged 2% to $15.30 with more than 5.50K shares, compared to volume of 30.43K shares. The stock moved within a range of $15.25 – 15.50 after opening trade at $15.30.
First Commonwealth Financial Corporation Receives Regulatory Approval for Centric Financial Corporation Merger
Last Friday it was announced that First Commonwealth Financial Corporation had been awarded all the necessary regulatory approvals for its merger with Centric Financial Corporation. The merger had been announced previously. Owing to this particular merger, Centric Bank is also going to be merged with First Commonwealth Bank. It was a major new announcement and it is going to be interesting to see if it leads to a rally in the Centric Financial stock over the course of the coming days or not.
The approvals for the merger had been provided by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. On the other hand, the Federal Reserve Bank of Cleveland provided First Commonwealth Financial Corporation with a waiver with regards to its requirements in the merger application.
That being said, it is also important to keep in mind that the final approval for the merger is going to rest with the shareholders of Centric Financial Corp. The vote for the same may take place at some point in the first quarter of next year.