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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.
CB Financial Services (NASDAQ: CBFV) has entered a Purchase and Assumption Agreement to sell its Buckhannon and New Martinsville branches to Citizens Bank of West Virginia (OTC: CIWV). This move aligns with the company's branch optimization strategy initiated in February 2021, allowing Community Bank to focus on core markets in Southwestern Pennsylvania. The branches hold approximately $101.9 million in deposits and $6.3 million in loans. The sale is expected to close in Q4 2021 pending regulatory approvals, resulting in a gain on sale for the company.
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