Mike Price

Biography

Mike Price, the president and chief executive officer of First Commonwealth Financial Corporation, has been selected for induction into the Indiana County Business Hall of Fame.

Originally from Johnstown, Price studied at Penn State University, received a finance degree from University of Utah, and earned an MBA from Cleveland State University. He also completed an executive development program at the Yale School of Management.

Mike began his banking career as a teller and made extra money servicing ATMs. He has worked his way up over time through most areas of a bank with more than 30 years in management. He first worked at National City Bank, a top 10 United States financial institution, in Ohio and was named president of First Commonwealth Bank in 2007 and CEO in 2012.

Mike led First Commonwealth through a significant time of expansion, including five acquisitions between 2015 and 2020 and a sixth in 2023.. It was during this season the bank entered Ohio markets and started offices in Columbus, Cleveland, and Cincinnati. Building to the east, First Commonwealth has established itself in State College, Williamsport, Harrisburg, Lancaster, and Philadelphia.

Under Mike’s leadership, the First Commonwealth team has consistently been recognized by Forbes as a World’s Best Bank and a Best Bank in State in Pennsylvania. For the fourth year, First Commonwealth has been named a Top Workplace in the Pittsburgh region.

Mike has a passion for helping small businesses start and succeed. Under his direction, First Commonwealth began administering Small Business Association funds. Today, First Commonwealth Bank is a top SBA lender in all of its markets and the second largest in the state.

Since 2012, Mike has overseen First Commonwealth’s growth from 112 branches in 15 counties in Pennsylvania to 124 offices in 30 counties in two states, from assets of $6 billion to $11.7 billion, revenue of $260 million to $480 million, earnings per share of 40 cents to $1.70, and from a stock price of $6.82 a share to $18.58 – a return of 294 percent.

Now with a presence in six major markets, First Commonwealth is Pennsylvania’s sixth largest bank holding company and is listed on the New York Stock Exchange.

Mike has served many years on the Pennsylvania Bankers Association board. He rose to chairman in 2019 and 2020, ushered the group through the COVID-19 pandemic, and focused his efforts on assisting the member banks in becoming resilient financial institutions. His initial priorities included digital banking innovation and diversity, equity, and inclusion (DEI) efforts for the industry.

Mike was instrumental in emphasizing the importance of DEI to the banking industry through the example he set at First Commonwealth. He fostered the DEI conversation for PBA by sharing his bank’s DEI scorecard, which PBA used as a starting point for its DEI scorecard.

In recognition of his leadership, Mike received the DEI Changemaker Award in April 2022 in honor of his commitment to developing resources to support PA Bankers’ members across the commonwealth with their DEI efforts.

According to the PBA, Mike’s leadership was crucial as the industry navigated the Paycheck Protection Program and ever-changing federal guidelines. After his term as chairman ended, Mike continued his service as an officer to help PBA through the pandemic.

Likewise, as part of his commitment to small business sustainability, Mike shepherded First Commonwealth’s early entry as a Paycheck Protection Program bank, and funded more than 5,000 applications the bank received from customers, for nearly $600 million in funding and about 80,000 jobs protected.

In congratulating Mike on his induction to the Business Hall of Fame, PBA President Duncan Campbell said: “Mike Price has been a leading member of our industry and our PA Bankers Association throughout his Pennsylvania banking career. His vision for the industry, through deep understanding of the financial system, the economy, and the regulatory environment, allowed us to represent our membership in the most effective way during his time as chair. I’ve not met a more thoughtful banking leader than Mike Price, and we are fortunate to have benefited from his leadership.”

Mike serves as an officer of the Indiana Regional Medical Center board of directors, has led a number of fundraising campaigns including the 2013 IRMC capital campaign, served many community organizations, has been a school board member and a youth sports coach, and is a volunteer leader for The Church of Jesus Christ of Latter-day Saints.

In addition to his professional responsibilities, Mike has been served in extension areas as an industry influencer and changemaker. He recently served on the National Community Depository Institutions Advisory Council of the Federal Reserve in Washington D.C. and the Community Depository Institutions Advisory Council of the Federal Reserve Bank of Cleveland.

Mike and his wife, Heather, reside in Pittsburgh and have five daughters and six grandchildren.

The Indiana County Chamber of Commerce proudly welcomes Mike Price to Class of 2024 of the Business Hall of Fame.