Stockholders OK bank merger
The pending merger of Community Bank and First Federal Savings Bank was approved by stockholders Friday morning.
At a special meeting, stockholders of FedFirst Financial Corp., the Monessen-based holding company of First Federal, voted overwhelmingly for the agreement and plan of merger.
FedFirst and CB Financial Services Inc., the Carmichaels-based holding company for Community Bank, signed a definitive agreement April 15 in which FedFirst will merge into CB, a $54.5 million transaction of cash and stocks.
The stockholders also approved payment of merger-related compensation to some executive officers of FedFirst, pending completion of the transaction, expected near the end of October.