Community Bank closing in on merger
The holding companies for Community Bank and a Wheeling, W.Va.-based bank announced Friday they secured all of their regulatory approvals to complete their merger.
CB Financial Services Inc. and First West Virginia Bancorp Inc., the holding company for Progressive Bank N.A., expect to complete the merger around April 30. Approval hinges on completing closing conditions, including stockholder approval. Each company has scheduled a special stockholders’ meeting for April 11 to vote on the deal.
Carmichaels-based CB Financial announced the merger agreement in November in a cash and stock transaction valued at about $49 million. Progressive has nine branches – eight in West Virginia and one in Bellaire, Ohio.
Community Bank has 16 offices in five Southwestern Pennsylvania counties. The merger would result in an estimated 24 offices in three states. CB Financial announced earlier this month that it will move into a new corporate center in North Franklin Township this summer – a short distance from Wild Things Stadium.