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"As the economic challenges of today's volatile environment continue, First Commonwealth's Board of Directors believes we must act responsibly and take every prudent measure to maintain our strong capital position," said David S. Dahlmann, Chairman. "Like numerous other financial institutions, we determined it is in the best long-term interest of our company and its shareholders to reduce our quarterly dividend."

"A strong capital position is essential in the current economic climate," stated John J. Dolan, President and CEO. "The additional capital retained as a result of the divided reduction will add security in this time of great economic uncertainty, and it will allow First Commonwealth to take full advantage of the opportunities that present themselves when economic conditions inevitably begin to improve."

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation is a $6.4 billion financial holding company headquartered in Indiana, Pennsylvania. It operates 115 retail branch 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 contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about future dividend payments, growth opportunities and the impact of deteriorating economic and industry conditions upon our business. These can be identified by the fact that they do not relate strictly to historical or current facts and often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements describe First Commonwealth's future plans, strategies and expectations.