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CB Financial Services, Inc. Completes Sale of Insurance Agency Subsidiary
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Rhea-AI Sentiment
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Rhea-AI Summary
CB Financial Services, Inc. (CBFV) completes the sale of assets of Exchange Underwriters, Inc. to World Insurance Associates, LLC for a $30.5 million cash purchase price with possible additional earn-out payments.
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WASHINGTON, Pa.--(BUSINESS WIRE)--
CB Financial Services, Inc. (“CB”) (NASDAQGM: CBFV), the holding company of Community Bank (the “Bank”), and Exchange Underwriters, Inc. (“Exchange Underwriters”), the full-service independent insurance agency subsidiary of the Bank, announced today the completion of the sale of substantially all of the assets of Exchange Underwriters pursuant to the Asset Purchase Agreement with World Insurance Associates, LLC (“World”) for a $30.5 million cash purchase price plus possible additional revenue-based earn-out payments.
Dowling Hales acted as exclusive financial advisor and Luse Gorman, PC acted as legal counsel to CB.
About CB Financial Services, Inc.
CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania and West Virginia. Community Bank offers a broad array of retail and commercial lending and deposit services.
For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.
John H. Montgomery President and Chief Executive Officer
Phone: (724) 225-2400
Source: CB Financial Services, Inc.
FAQ
What did CB Financial Services, Inc. (CBFV) announce?
CB Financial Services, Inc. (CBFV) announced the completion of the sale of substantially all of the assets of Exchange Underwriters, Inc. to World Insurance Associates, LLC for a $30.5 million cash purchase price with possible additional earn-out payments.
Who is the buyer of the assets of Exchange Underwriters, Inc.?
World Insurance Associates, LLC is the buyer of the assets of Exchange Underwriters, Inc.
What is the cash purchase price for the sale of assets?
The cash purchase price for the sale of assets is $30.5 million.
What additional payments are possible for the sale of assets?
Possible additional earn-out payments are included in the sale of assets.
Which companies provided financial and legal advisory for CB Financial Services, Inc.?
Dowling Hales acted as the exclusive financial advisor and Luse Gorman, PC acted as legal counsel to CB Financial Services, Inc.
