Officials OK local bank merger
The pending merger of Community Bank and First Federal Savings Bank was approved by the Federal Deposit Insurance Corp and the Pennsylvania Department of Banking and Securities.
CB Financial Services, Inc., and FedFirst Financial Corp., holding companies for Community and First Federal respectively, announced the regulatory approvals in a news release late Monday afternoon. CB is based in Carmichaels, FedFirst in Monessen.
When completed, First Federal will merge with and into Community Bank.
CB also filed a request the Federal Reserve Board waive its application requirements on the proposed merger.
FedFirst stockholders are to vote on the proposal at a special meeting Sept. 26. The merger is expected to be completed around Oct. 31.