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Community Bank Completes Sale of Two West Virginia Branches to Citizens Bank of West Virginia, Inc.
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Community Bank and Citizens Bank of West Virginia have completed the sale of two West Virginia branches, enhancing their operational focus. The locations sold are in Buckhannon and New Martinsville. Community Bank's President, John H. Montgomery, stated this transaction positions them to invest more in technology and client experiences. Citizens Bank, led by Nathaniel S. Bonnell, aims to expand its presence in West Virginia through this acquisition, strengthening its service offerings in the region.
Positive
Transaction allows Community Bank to invest in technology and infrastructure.
Citizens Bank expands its footprint in West Virginia with the new branch acquisition.
Negative
None.
Transaction enables both banks to focus on core markets
WASHINGTON, Pa. & ELKINS, W.V.--(BUSINESS WIRE)--
Community Bank, the bank subsidiary of CB Financial Services, Inc. (NASDAQGM: CBFV), and Citizens Bank of West Virginia, Inc., the bank subsidiary of Citizens Financial Corp. (OTC: CIWV), are pleased to announce the completion of the previously announced sale by Community Bank of two West Virginia branches to Citizens Bank of West Virginia, Inc. The two branches are located at:
3 S. Locust Street in Buckhannon, WV
425 3rd Street in New Martinsville, WV
“We are very grateful for our team members and clients in this market and are confident Citizens Bank will maintain the meaningful relationships we built in these communities and make this transaction a success. From our standpoint, we will be in a strong position to make critical investments in technology, infrastructure, and client experience in our core markets,” said John H. Montgomery, President and CEO of Community Bank.
“Citizens’ purchase of these branches is the perfect opportunity for us to increase our presence in the Buckhannon market and expand our footprint into New Martinsville. This will strengthen our commitment to clients in the region. We are very excited to welcome these West Virginia clients into the Citizens family,” said Nathaniel S. Bonnell, President and Chief Executive Officer of Citizens Bank of West Virginia, Inc.
About Community Bank
Community Bank is a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania, West Virginia, and Ohio. Community Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.
For more information about Community Bank, visit our website at www.communitybank.tv.
About Citizens Bank of West Virginia, Inc.
Citizens Bank of West Virginia, Inc., is a West Virginia bank with assets of $490 million headquartered in Elkins, West Virginia. From six office locations in North Central West Virginia, the bank provides integrated financial services including retail and commercial banking, wealth management, and mortgage services. Citizens Bank was recently ranked 64th in the May 2021 issue of American Banker’s Top 200 Publicly Traded Community Banks and Thrifts in the United States.
For more information about Citizens Bank of West Virginia, Inc., visit us online at www.citizenswv.com.
What is the significance of the branch sale between CBFV and CIWV?
The sale allows both Community Bank (CBFV) and Citizens Bank of West Virginia (CIWV) to focus on their core markets while enhancing services in the region.
Where are the branches sold by Community Bank located?
The branches sold by Community Bank are located at 3 S. Locust Street in Buckhannon, WV, and 425 3rd Street in New Martinsville, WV.
Who are the presidents of Community Bank and Citizens Bank involved in this transaction?
John H. Montgomery is the President of Community Bank, while Nathaniel S. Bonnell is the President and CEO of Citizens Bank of West Virginia.
How will the acquisition benefit Citizens Bank in West Virginia?
The acquisition will allow Citizens Bank to enhance its presence in the Buckhannon and New Martinsville markets, strengthening its commitment to local clients.
What are the future plans for Community Bank following the branch sale?
Community Bank plans to invest more in technology, infrastructure, and client experience in its core markets after the sale.
