Frequently Asked Questions about Foundation Bank
We are excited about our recently-announced acquisition of Cincinnati-based Foundation Bank. We'll regularly update this page as we hear from our new neighbors.
Q: Can you tell me more about who First Commonwealth Bank is?
A: First Commonwealth is a community bank passionate about their mission of improving the financial lives of their neighbors. They have 135 offices and about 1,400 employees throughout Pennsylvania and Ohio and are excited to become an active part of our community.
Q: When will the transition from Foundation Bank to First Commonwealth be completed?
A: The transition is tentatively scheduled to occur the weekend of May 18, 2018 with the branches opening as First Commonwealth on Monday, May 21.
Q: Will my branch remain open?
A: Yes. All Foundation branches will remain open with the same operating hours.
Q: Will the staff at the local branches I bank at be the same?
A: Yes. You will continue working with the familiar team you know when you call or visit your preferred Foundation branch.
Q: How will my accounts be affected?
A: At this time, there will be no change to your Foundation accounts. You will continue to enjoy the same account benefits, and your statement date will remain the same. The interest rates you earn on your checking, savings, CD and money market deposit accounts will continue to be subject to change due to market conditions. CDs and individual retirement accounts (IRAs) will earn the current interest rates until they mature. Any account changes will take place after the transition on May 18, and you will be notified in advance of what you can expect.
Q: Does First Commonwealth Bank offer deposit insurance?
A: Yes. First Commonwealth is a strong, secure, and well-capitalized bank and a safe place for your deposits. All deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This coverage can be increased for larger deposits through titling of accounts. Deposits at Foundation are similarly insured by the FDIC. As a result, the transition will not affect deposit insurance coverage for many customers. If you have accounts at both First Commonwealth and Foundation, under federal law you will continue to receive the same FDIC coverage, as if your accounts were still at separate banks, for six months after the transition. Certificates of Deposit (CDs) will continue to receive separate FDIC insurance coverage until the first maturity date after the six-month period. After six months have passed, if your total account balance(s) exceed $250,000, any excess may not be covered by FDIC insurance.
Updated January 18, 2018