Finance and Economic

First Commonwealth Financial Corp., Pittsburgh, has planned a public offering of $75 million of its common stock, according to a filing made with the Securities and Exchange Commission Monday. First Commonwealth (NYSE:FCF) said it intends to use the net proceeds for working capital and general corporate purposes.

Macquarie Capital Inc. and Stifel Nicolaus & Co. Inc. are serving as underwriters; First Commonwealth said it plans to grant them a 30-day option to purchase up to an additional 15 percent of the shares offered to cover over-allotments, if any.

First Commonwealth is based in Indiana, Pa., about 45 miles east of Pittsburgh. It has assets of $6.1 billion and operates 115 retail branches, 65 of them based in the Pittsburgh area.

Last Thursday, First Commonwealth reported second quarter net income of $13.5 million, or 15 cents per diluted share, compared with a loss of $18.6 million or 22 cents a year ago, and well above Wall Street’s average estimate of 5 cents.

For the six months ended June 30, First Commonwealth earned $374,000, compared with a $16.9 million loss for the first half of 2009. Earnings per share were zero; First Commonwealth posted a 20 cent loss per share for the first half of 2009.

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