Exhibit 99.1 - First CommonwealthFinancial Corporation Press Release dated April 27, 2006

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NEWS RELEASE

|   |                   | For More Information Contact:              |
|--------|------------------------|--------------------------------------------|
|   |                   |                                       |
| To:    | All Area News Agencies | John Dolan, Executive Vice President and   |
|   |                   | Chief Financial Officer                    |
| From:  | First Commonwealth     | First Commonwealth Financial Corporation   |
|   | Financial Corporation  | (724) 349-7220                             |
|   |                   |                                       |
| Date:  | April 27, 2006         | John A. Howard, Senior Vice  President and |
|   |                   | Chief Financial Officer                    |
|   |                   | Laurel Capital Group, Inc.                 |
|   |                   | (412) 487-7404                             |

 

FIRST COMMONWEALTH TOEXPAND ITS PRESENCE IN THE PITTSBURGH MARKET WITH THE ACQUISITION OF LAURELCAPITAL GROUP, INC.

INDIANA, PA - First Commonwealth Financial Corporation(NYSE:FCF), the holding company for First Commonwealth Bank, and Laurel CapitalGroup, Inc. (NASDAQ: LARL), the holding company for Laurel Savings Bank,announced today the execution of a definitive agreement under which LaurelCapital Group, Inc. ("Laurel Capital"), would merge into FirstCommonwealth Financial Corporation ("First Commonwealth"), to be followedimmediately by the merger of Laurel Savings Bank into  First Commonwealth Bank. Under terms of the merger agreement, Laurel Capital shareholders canelect to receive $28.25 in cash, an equivalent value of First Commonwealthcommon stock or a combination of cash and First Commonwealth stock in exchangefor their shares of Laurel Capital common stock, subject to proration to ensurethat 70% of the aggregate merger consideration will be paid in FirstCommonwealth common stock and 30% in cash. The merger was unanimously approved by the Boards of Directors of FirstCommonwealth and Laurel Capital.  Themerger is expected to be completed during the third quarter of 2006, subject tocustomary conditions, including the receipt of regulatory approvals and theapproval of Laurel Capital shareholders. First Commonwealth expects the transaction to be accretive to earningsin the first full year.

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Joseph E. O'Dell, President and Chief Executive Officer of First Commonwealth,stated, "We are excited with this opportunity to further expand ourpresence in the Pittsburgh market. Laurel Capital's markets provide us another step to our in-market growthstrategy and the results of the transaction will provide substantial growthopportunities." Edwin R. Maus, President and Chief Executive Officer of Laurel Capital,commented, "We are pleased to be joining one of the premier financialservices companies headquartered in Pennsylvania.  We believe that this transaction provides our shareholders withsignificant immediate value as well as the opportunity to participate asshareholders in a significantly larger institution.  The merger also improves our ability to serve our customers andexpands career opportunities for our employees.  We consider this a good transaction for our shareholders and ourother constituencies."First Commonwealth Financial Corporation is a $5.9 billion bank holding companyheadquartered in Indiana, Pennsylvania. It operates 100 retail branch offices in 15 counties in western andcentral Pennsylvania through First Commonwealth Bank, a Pennsylvania charteredbank and trust company.  Financialservices and insurance products are also provided through First CommonwealthFinancial Advisors, Inc., and First Commonwealth Insurance Agency.  Laurel Capital Group, Inc., headquartered in Allison Park, Pennsylvania, is theholding company of Laurel Savings Bank with total assets of $310 million,deposits of $255 million, loans of $214 million and stockholders' equity of $28million at December 31, 2005.  LaurelSavings Bank has eight full service offices, including seven in AlleghenyCounty and one in Butler County. Sherman & Howard LLC served as First Commonwealth's counsel, JanneyMontgomery Scott LLC served as Laurel's financial advisor and Elias, Matz,Tiernan & Herrick LLP served as Laurel's counsel.*Statements contained in this press releasethat are not historical facts are forward-looking statements as that term isdefined in the Private Securities Litigation Reform Act of 1995.  Such statements include but are not limitedto the expected impact of the merger on earnings, the expected cost savingsthat can be realized after the merger, the expected cost of the transaction andthe expected closing date of the merger. These statements are subject to risks and uncertainties that could causeactual results to differ materially from estimated results, including, withoutlimitation, the satisfaction of all conditions to the merger, including receiptof required regulatory approvals and the approval of the merger by LaurelCapital shareholders, and First Commonwealth's ability to successfullyintegrate Laurel Savings Bank  intoFirst Commonwealth Bank and to achieve the desired cost savings on a timelybasis.  Additional risks and uncertaintiesare detailed in First Commonwealth's filings with the Securities and ExchangeCommission.***ADDITIONAL INFORMATION ABOUT THE MERGER ANDWHERE TO FIND IT**First Commonwealth intends to file with the SEC a proxy statement/prospectusand other relevant materials in connection with the merger.  The proxy statement/prospectus will bemailed to the shareholders of Laurel Capital. Before making any voting or investment decision with respect to theproposed merger, investors and shareholders of First Commonwealth and LaurelCapital are urged to read the proxy statement/prospectus and the other relevantmaterials when 

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they become available, because they will contain important informationabout First Commonwealth, Laurel Capital and the proposed merger.You will be able to obtain a free copy of the proxy statement/prospectus, aswell as other filings containing information about First Commonwealth andLaurel Capital, at the SEC's website at *http://www.sec.gov*.  Copies of the proxy statement/prospectus andthe SEC filings that will be incorporated by reference in the proxystatement/prospectus can be obtained, without charge, upon request to theSecretary of First Commonwealth Financial Corporation, Old Courthouse Square,22 North Sixth Street, PO Box 400, Indiana, PA 15701-0400, (724)349-7220, orthe Secretary of Laurel Capital Group, Inc., 2724 Harts Run Road, PO Box 69,Allison Park, PA 15101-1437, (412) 487-7404.This press release may be deemed to be solicitation material with respect tothe proposed merger of First Commonwealth and Laurel Capital.  Laurel Capital and its directors andexecutive officers may be deemed to be participants in the solicitation ofproxies from the shareholders of Laurel Capital in connection with the proposedmerger.  Information about the directorsand executive officers of Laurel Capital and their ownership of Laurel Capitalcommon stock is set forth in the proxy statement, dated September 26, 2005, forLaurel Capital's 2005 annual meeting of shareholders, as filed with theSEC.  Additional information about theinterests of those participants may be obtained from reading the definitiveproxy statement/prospectus regarding the proposed merger and the other relevantdocuments filed with the SEC when it becomes available.

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**TransactionSummary**

| Purchase Price per Share     | $28.25                                                                                                                                                                   |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Aggregate Consideration      | 70% First Commonwealth Common Stock and 30% Cash                                                                                                                         |
| Aggregate Transaction Value  | $57.5 million                                                                                                                                                            |
| Market Premium               | 27% (as of 4/26/06 closing price)                                                                                                                                        |
| Price to LTM Earnings        | 28.3 X                                                                                                                                                                   |
| Price to Book                | 2.02 X                                                                                                                                                                   |
| Price to Tangible Book       | 2.28 X                                                                                                                                                                   |
| Anticipated Closing          | Third Quarter 2006                                                                                                                                                       |
| Anticipated Transaction Cost | $2.2 million                                                                                                                                                             |
| Anticipated Cost Savings     | $2.0 million annually (33%)                                                                                                                                              |
| Required Approvals           | Board of Governors of the Federal Reserve System,  FDIC,       Pennsylvania Department of Banking, and Laurel Capital Group,  Inc. Shareholders |
| Advisor to Laurel            | Janney Montgomery Scott LLC                                                                                                                                              |

**StrategicRationale**

**In-Market Geographic Expansion**

| -   | Continues First Commonwealth's  branch expansion plans into higher  growth/more densely populated markets |
|----------|----------------------------------------------------------------------------------------------------------------|
| -   | Strengthens First Commonwealth's presence in the  Pittsburgh area.                                             |

**Market Synergies**

| -   | Expected to enhance First Commonwealth's position as  one of the consistently ranked top SBA lenders in the western Pennsylvania  area |
|----------|----------------------------------------------------------------------------------------------------------------------------------------|
| -   | Trust, insurance, financial planning services, and  on-line banking will be available to a wider range of customers                    |

**Financial Impact Favorable**

| -   | Accretive to GAAP and cash earnings in first full  year                                              |
|----------|------------------------------------------------------------------------------------------------------|
| -   | Expected cost efficiencies in operations and  overlapping functions                                  |
| -   | Leverage capital base                                                                                |
| -   | Increased dividend to Laurel shareholders (73%)  (based on First Commonwealth's annualized dividend) |
| -   | Increased liquidity for Laurel Capital shareholders  receiving First Commonwealth stock              |

 

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