INDIANA: First Commonwealth Financial Corp. said its chief financial officer, Edward J. Lipkus III, resigned to “pursue other opportunities.”
The company said in a statement Tuesday that the departure “did not result fromany disagreement or concern regarding accounting or financial matters.”
The search for a successor has already begun. In the interim, Teresa Ciambotti, senior vice president and controller, will assume Lipkus responsibilities.
The company operates 115 bank branch offices in 15 counties in western and central Pennsylvania through First Commonwealth Bank, a Pennsylvania chartered bank and trust company.
Last month, First Commonwealth Financial reported a second-quarter loss as its provision for bad loans swelled, primarily from the regional bank’s exposure to commercial construction projects outside Pennsylvania. The company also slashed its quarterly dividend by 75 percent, to 3 cents per share, down from a payout of 12 cents per share.
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