First Commonwealth Financial Corp. (FCF) announced that its Board of Directors has authorized a share repurchase program of up to $50 million of the company's common stock.
The company stated that under this program, the management is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934.
In connection with the repurchase program, the company has entered into a written trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 by which the company authorized the repurchase of up to $50 million of common stock at certain designated prices.
The share repurchase program will continue to be in effect following the expiration of the trading plan, which expires on the earlier of August 31, 2012 or the date on which purchases are completed, the company stated.
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