CB Financial Services, Inc. Completes Sale of Insurance Agency Subsidiary
December 08 2023 - 4:19PM
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.
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John H. Montgomery President and Chief Executive Officer Phone:
(724) 225-2400
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