For better or worse, most of the institutions where we deposit our paychecks or get loans are not owned or operated by people within the community.
Decisions are made and long-term goals are charted in a glass office tower or executive suite hundreds of miles away.
That won’t be the case, however, with the merger announced last week of CB Financial Services Inc. and FedFirst Financial Corp., the holding companies of Carmichaels-based Community Bank and First Federal Savings Bank, which has several outlets throughout Washington and Westmoreland counties.
The combination of these two companies, announced last week, will keep the decision-making nearby. And that is a positive development for this region.
Pat McCune, the president and chief executive officer of Community Bank, said last week that “Southwest Pennsylvania is going to have a very capable, very service-oriented organization that will be better than ever at filling the void for people who want to work with a locally owned, locally managed community bank.”
The merger is expected to close in the latter half of the year and involves a transaction of cash and stock totaling a little more than $54 million.
They are also promising that the new bank will be the “premier” banking institution for the Marcellus Shale region and that it will hold “a lot of promise.”
We look forward to seeing if that promise is fulfilled.