On June 10, 2021, Community Bank, Carmichaels, Pennsylvania, entered into an agreement to sell two branch operations located in West Virginia to Citizens Bank of West Virginia, Inc., Elkins, West Virginia, subject to regulatory approvals and other customary closing conditions. As of May 31, 2021, the related deposits totaled approximately $102 million and will be acquired for a 5.00% deposit premium.
Community Bank, which is the wholly-owned subsidiary of CB Financial Services, Inc., operates its branch network in southwestern Pennsylvania, West Virginia and Ohio. It offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly-owned subsidiary. CB Financial Services, Inc. has approximately $1.5 billion in assets.
Citizens Bank of West Virginia, Inc., which is the wholly-owned subsidiary of Citizens Financial Corp., provides from five office locations in north central West Virginia integrated financial services including retail and commercial banking, wealth management, and mortgage services. Citizens Financial Corp. has approximately $340 million in assets.
Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.