On November 16, 2017, CB Financial Services, Inc. (“CB”), Carmichaels, Pennsylvania, and First West Virginia Bancorp, Inc. (“First West Virginia”), Wheeling, West Virginia, entered into a definitive merger agreement pursuant to which First West Virginia will merge with and into CB, with CB as the resulting company, for total merger consideration of approximately $49.0 million. First West Virginia stockholders may elect to receive $28.50 in cash or 0.9583 shares of CB common stock for each share of First West Virginia common stock they own, subject to proration to ensure that 80% of the outstanding shares of First West Virginia common stock are exchanged for shares of CB common stock and the remaining 20% are exchanged for cash.
As part of the merger, Progressive Bank, N.A., the subsidiary of First West Virginia, will merge with and into Community Bank, the subsidiary of CB.
Luse Gorman served as legal counsel to CB in the transaction. The Luse Gorman team was led by Eric Luse (Corporate/M&A), Victor Cangelosi (Corporate/M&A) and Scott Brown (Corporate/M&A), and included Jeffrey Cardone (Executive Compensation) and Ellie Cook (Corporate/M&A).
CB has approximately $908.3 million in total assets and operates 16 offices in Greene, Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania.
First West Virginia has approximately $343.1 million in total assets and operates seven full-service branch offices in West Virginia and one full-service branch office in Ohio.