Clarion County Community Bank recently completed reorganization and is now a wholly owned subsidiary of CCCB Bancorp.
CCCB Bancorp is a Pennsylvania corporation recently formed by Clarion County Community Bank.
The Federal Deposit Insurance Corp., the Pennsylvania Department of Banking and Securities, and the Federal Reserve Bank of Cleveland approved the reorganization.
“The holding company structure has been adopted by many banks because it provides greater flexibility in terms of the formation and acquisition of other financial institutions, as well as new business lines,” William E. Hager III, chairman of the Board of the Bank and CCCB Bancorp, said. “In addition, transactions such as repurchasing outstanding stock, borrowing funds through the issuance of subordinated debt and otherwise, purchasing subordinated debt instruments and other securities, and other corporate matters will all be made easier through the holding company structure.”
The bank has branches in New Bethlehem, Rimersburg, and Franklin. There are no plans for expansion, but the holding company structure will allow this to happen easily in the future, James L. Kifer, president and CEO of the Bank and CCCB Bancorp, said.
Existing shareholders will receive an equal number of CCCB Bancorp common stock in exchange for their bank common stock.