Exhibit 99.1

*** NEWS RELEASE ***

First Commonwealth Announces Fourth Quarter and Full-

Year 2010 Financial Results

Indiana, PA., January 27, 2011 - First Commonwealth Financial Corporation (NYSE: FCF) today reported net income of $11.9 million, or $0.11 diluted earnings per share, for the fourth quarter ended December 31, 2010 compared to net income of $2.7 million, or $0.03 diluted earnings per share, in the fourth quarter of 2009. For the year ended December 31, 2010, net income was $23.0 million, or $0.25 diluted earnings per share, compared to a net loss of $20.1 million or $0.24 per share for the year 2009. The increase in net income for both periods was primarily the result of a lower provision for credit losses and a decrease in net securities impairment losses on investments in pooled trust preferred collateralized debt obligations.

John J. Dolan, President and Chief Executive Officer, stated, “We are pleased to report favorable earnings results for the fourth quarter and the entire year. While some measure of uncertainty remains regarding the interest rate environment, employment and the state of the housing market, the economy of western Pennsylvania continues to be relatively stable. We remain vigilant monitoring the effect of these variables on our operations and on our strategy for 2011 and beyond.”

Credit Quality

The provision for credit losses was $8.0 million and $61.6 million for the fourth quarter and year to date periods ended December 31, 2010, respectively, as compared to $21.1 million and $100.6 million in the prior year periods. The primary components of the fourth quarter 2010 provision for credit losses included a $3.4 million specific reserve for a $9.6 million student housing construction loan in eastern Pennsylvania that was placed in nonaccrual status during the fourth quarter of 2010. Additionally, a $3.0 million specific reserve was recorded for an $8.6 million lot development loan and a $1.3 million line of credit. These loans are located in central Pennsylvania and placed in nonaccrual status in the fourth quarter of 2010.

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For the quarter ended December 31, 2010, nonperforming loans were $117.5 million, a decrease of $6.7 million from September 30, 2010. The decrease was primarily the result of a $15.4 million partial charge-off and an $8.0 million principal payment on a $44.1 million line of credit to a western Pennsylvania real estate developer that was placed into nonperforming status in the fourth quarter of 2009. Nonperforming loans as a percentage of total loans were 2.79%, 2.89% and 3.20% for the periods ended December 31, 2010, September 30, 2010 and December 31, 2009, respectively.

Dolan commented, “The fourth quarter of 2010 showed continued signs of the containment and resolution of legacy credit issues. Even though nonperforming loans have decreased to the lowest level since June 30, 2009, this area still requires careful attention.”

During the fourth quarter of 2010, net charge-offs were $22.4 million compared to $29.9 million in the fourth quarter of 2009. The most significant loan charge-offs for the fourth quarter of 2010 were the aforementioned $15.4 million on the western Pennsylvania line of credit and $2.6 million for a Pennsylvania manufacturer. For the twelve months ended December 31, 2010 net charge-offs were $72.0 million, or 1.61% of average loans on an annualized basis, compared to $71.7 million, or 1.57% of average loans on an annualized basis, for the same period in 2009. The allowance for credit losses as a percentage of total loans outstanding was 1.69%, 1.99% and 1.76% for December 31, 2010, September 30, 2010 and December 31, 2009, respectively.

Other real estate owned (“OREO”) acquired through foreclosure was $24.7 million at December 31, 2010; $17.9 million is related to a food manufacturing property that was previously under a sales agreement which expired. The property is currently being remarketed.

Net Interest Income and Net Margin

During the fourth quarter of 2010 net interest income of $51.7 million, on a taxable equivalent basis, decreased $4.7 million, or 8%, compared to the fourth quarter of 2009. The decrease was a result of a $607.8 million decline in average interest-earning assets, partially offset by an 8 basis point increase in the net interest margin. Net interest margin was 3.86%, 3.90% and 3.78% for the three-month periods ended December 31, 2010, September 30, 2010 and December 31, 2009, respectively. From the third quarter of 2010 to the fourth quarter of 2010, the net interest margin decreased by 4 basis points as a result of lower yields on new loans, lower investment rates on the reinvestment of maturing securities and the continued sale strategy for municipal securities. For the year ended December 31, 2010 net interest income, on a taxable equivalent basis, decreased $2.9 million, or 1%. The decrease was primarily due to a $322.3 million decline in average interest-earning assets, partially offset by an increase of 16 basis points in the net interest margin. The net interest margin for the year ended December 31, 2010 and 2009, respectively, was 3.87% and 3.71%. The improved net interest margin on the year over year comparisons is primarily the result of a more favorable deposit mix, disciplined loan pricing and reduced balance sheet leveraging.

Significant changes to First Commonwealth’s balance sheet from December 31, 2009 to December 31, 2010 include:

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Dolan added, “Modifying the risk profile of our balance sheet was a major strategic initiative throughout 2010 from a credit, liquidity, capital and funding perspective. I am particularly pleased with the growth in lower costing transactional deposits. Not only has this growth and mix change improved performance, but is extremely important in deepening customer relationships. We believe we are well positioned structurally to take advantage of 2011 market opportunities.”

Noninterest Income

Recognized net security losses, including other-than-temporary impairment charges, were $33 thousand, $2.9 million and $5.5 million for the three-month periods ended December 31, 2010, September 30, 2010 and December 31, 2009, respectively. These losses resulted primarily from other-than-temporary impairment charges on investments in pooled trust preferred collateralized debt obligations. Net security losses were negligible in the fourth quarter of 2010 as a result of decreased deferral and default levels as well as the effect of incorporating projected cures of interest deferrals into the other-than-temporary cash flow analysis. For the twelve months ended December 31, 2010 and 2009, net security losses were $6.8 million and $35.9 million, respectively. Net security losses in 2010 were partially offset by $1.6 million of security gains from the aforementioned sale of municipal securities.

Noninterest income, excluding net security losses, was essentially flat in the fourth quarter of 2010 compared to the same period last year. Increases of $0.7 million in swap fee income, $0.4 million in card related interchange income, $0.3 million in trust income and $0.2 million in income from bank owned life insurance were offset by decreases of $0.8 million in insurance and brokerage commissions, due to lower sales activity, and $0.7 million in service charges on deposit accounts, as a result of new regulations and shifts in consumer behavior.

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For the year ended December 31, 2010, noninterest income, excluding net security losses, increased $0.8 million, or 1%, when compared to the same period of 2009. Trust income increased $1.1 million as a result of increased market values of assets under management and revised pricing schedules; card-related interchange income increased $1.9 million due to growth in demand deposit accounts, increased usage of debit cards and larger dollar transactions; and income from bank owned life insurance increased $0.9 million as a result of improved crediting rates. Partially offsetting these increases were decreases of $1.8 million in other income due to a $2.1 million gain from a legal settlement in 2009, $0.9 million in insurance and brokerage commissions and $0.5 million in service charges on deposit accounts.

Noninterest Expense

Noninterest expense increased $2.9 million, or 7%, in the fourth quarter of 2010 from the fourth quarter of 2009. The increase is primarily related to $1.4 million of severance expense related to managing staffing levels, $0.8 million of additional reserve to unfunded loan commitments, $0.6 million in collection and repossession expense, and $0.9 million of other expense due to higher marketing and other professional fees and services.

For the year ended December 31, 2010, as compared to the same period last year, noninterest expense remained essentially flat at $171.2 million. The company recorded declines associated with the expense reduction initiative that commenced in 2009, in FDIC premiums due to the special assessment of $2.9 million in 2009, in collection and repossession expenses of $0.6 million primarily related to two loans that were transferred to OREO in 2009 and in salaries and employee benefits of $3.0 million, excluding the $1.9 million increase in severance expense due to changes in staffing levels. These decreases were offset by a $2.2 million write-down to current fair value for an OREO property and increases in data processing, software and maintenance expense of $1.2 million primarily due to higher investments in technology solutions.

Full time equivalent staff was 1,565 and 1,621 for the periods ended December 31, 2010 and 2009, respectively. The efficiency ratio, calculated as total noninterest expense as a percentage of total revenue (total revenue consists of net interest income, on a taxable equivalent basis, plus total noninterest income, excluding net impairment losses and net securities gains), was 63% for the year ended December 31, 2010 as compared to 62% during the same period in 2009.

Dolan commented, “We continue to make significant progress in offsetting the upward industry shift in operating expense due to added regulatory, compliance and credit cycle challenges. These efforts will remain a focus in 2011 as we see additional opportunities through process improvements and better technology utilization.”

Dividend

First Commonwealth Financial Corporation declared a common stock quarterly dividend of $0.03 per share on January 18, 2011 which is payable on February 15, 2011 to shareholders of record as of January 31, 2011. This dividend represents a $0.02 per share increase over the previous quarter and a 2% projected annual yield utilizing the December 31, 2010 closing market price of $7.08.

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Conference Call

First Commonwealth will host a quarterly conference call to discuss its financial results for the fourth quarter of 2010 on Thursday, January 27, 2011 at 2:00 PM (ET). The call can be accessed by dialing (toll free) 1-877-317-6789 or through our web page, http://www.fcbanking.com at our “Investor Relations” link. A replay of the call will be available one hour after the end of the conference at this web page for 30 days.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation is a $5.8 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 about First Commonwealth’s future plans, strategies and financial performance. These statements 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.” Such statements are based on assumptions and involve risks and uncertainties, many of which are beyond our control and may cause actual results, performance or achievements to differ materially from the results, performance or achievements contemplated by the forward-looking statements. These risks and uncertainties include, among other things, the following: continued deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in our investment securities portfolio; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Law and other legal and regulatory changes; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; management’s ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk; and other risks and uncertainties described in our reports filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K. Forward-looking statements speak only as of the date on which they are made. First Commonwealth undertakes no obligation to update any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

CONTACT: First Commonwealth Financial Corporation

Investor Relations: Robert E. Rout, Executive Vice President and Chief Financial Officer

724-349-7220

Media: Susie Barbour, Communications & Media Relations Supervisor 724-463-5618

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