CB Financial Services, the holding company for Pennsylvania-chartered commercial bank Community Bank, recently entered into an agreement to sell two West Virginia branches to Citizens Bank of West Virginia, the bank subsidiary of Citizens Financial Corp., for an undisclosed amount.
The sale is part of the company’s strategy to focus on core markets surrounding Southwestern Pennsylvania and increase company efficiency. The branches, located in New Martinsville and Buckhannon, are geographically the furthest from the headquarters.
“In addition, we remain focused on increasing efficiency and investing in digital marketing and technology enhancements,” John H. Montgomery, Community Bank president and CEO, said. “We see this as an important step in our optimization efforts as we seek to improve overall profitability and deliver peer-leading returns to the Company’s shareholders.”
As of May 31, the branches had deposits totaling approximately $101.9 million and loan balances totaling approximately $6.3 million. Citizens will pay a 5 percent deposit premium on all transferred deposits.
The sale is subject to regulatory approval and is expected to close in the fourth quarter.
Citizens will assume fixed assets associated with the two branches, such as property and cash, as well as certain deposit liabilities and loans.
Community Bank will operate 14 locations branches following closing.