Spanish wind turbine manufacturer Gamesa says it will close its Western Pennsylvania plant and eliminate 62 remaining jobs. Gamesa USA officials said Tuesday that the closure of the 8-year-old Cambria County plant was prompted by a shift in the market. The plant about 60 miles east of Pittsburgh began layoffs at the end of 2009, when 141 workers lost their jobs. In 2012, the company laid off 92 of its remaining 154 workers.
First Commonwealth's profits rise in fourth quarter
First Commonwealth Financial Corp. Wednesday said it earned $9.3 million in the fourth quarter, up 6 percent from $8.7 million in the final quarter of 2012 after setting aside less money to cover bad loans. Per-share profit rose 11 percent to 10 cents from 9 cents. The provision for credit losses was $1.2 million for the quarter, down from $5.7 million a year earlier. Results for the most recent period included costs of $4.5 million, or 3 cents per share, for technology upgrades, the Indiana, Pa.-based bank said. For all of 2013, earnings were $41.5 million, down 1 percent from $42 million the previous year. Per-share profit rose 8 percent to 43 cents from 40 cents. Also Wednesday, First Commonwealth's directors authorized a $25 million common stock repurchase program.
WesBanco net income rises for fourth quarter, year
WesBanco Inc. reported net income in the fourth quarter rose to $15.4 million, or 52 cents per share, up from $12.7 million, or 46 cents, in the same quarter a year earlier. For the full year, the Wheeling, W.Va.-based bank earned $63.9 million, or $2.18 per share, up from $49.5 million, or $1.84, in 2012. WesBanco expanded its presence southwestern Pennsylvania in late 2012 with the acquisition of Pittsburgh-based Fidelity Bancorp.
Tri-State Capital doubles profits for fourth quarter
TriState Capital Holdings, the parent company of TriState Capital Bank that went public in May, said net income more than doubled in the fourth quarter to $4.8 million, up from $2 million a year earlier. Per-share profit rose 89 percent to 17 cents from 9 cents in the year-ago quarter when the bank had fewer shares outstanding. For all of 2013, TriState earned $12.9 million, or 48 cents per share, vs. $9.1 million, or 47 cents, the previous year. The Pittsburgh-based bank serves middle market businesses and high net-worth individuals.
Simon planning to renovate South Hills Village
Indianapolis-based mall developer Simon Property Group Inc. plans to renovate the 1.1 million-square-foot South Hills Village mall this spring by redesigning mall entrances, overhauling the food court and updating the common areas. The mall also expects to add new stores, including Forever 21, Soma, Color Me Mine and Primadonna.