Progressive Bank to Merge With Pennsylvania-Based Community Bank
Progressive Bank of Wheeling will merge with Pennsylvania-based Community Bank in a $49 million deal announced Friday.
Community Bank, founded in 1901 and headquartered in Carmichaels, Pa., operates 16 branch offices across southwestern Pennsylvania. Progressive Bank operates seven full-service branch offices in West Virginia and one full-service branch office in Ohio.
The merger was conducted by the holding companies of both banks, First West Virginia Bancorp, Inc. and CB Financial Services, Inc., in which First West Virginia will become part of Community Bank in a cash and stock transaction.
“We’re pleased to announce this combination with Community Bank,” First West Virginia President and CEO William G. Petroplus said in a press release. “In exploring our strategic options, we looked for a partner that would fit the culture of our bank. Community Bank was a natural choice. We have always been impressed by Community Bank’s devotion to its employees, customers and communities. Our combined strength will provide us with an increased opportunity to capture greater market share within our market.”
Attempts to reach Petroplus for additional comment Friday were unsuccessful.
Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both companies, First West Virginia stockholders will be entitled to elect to receive $28.50 in cash or 0.9583 shares of Community Bank common stock for each share of First West Virginia common stock.
“We are thrilled to welcome the bankers at Progressive Bank into the Community Bank family,” said Barron P. McCune Jr., CB Financial Services vice chairman and CEO. “Many of us have long ties with Wheeling and the Ohio Valley. We know that Progressive Bank, like us, takes pride in outstanding personal service and in supporting our communities. Together, we will be able to offer more service, better products and additional locations for our new customers.”
Effective upon the closing of the merger — expected during the second quarter of 2018, pending stockholder and regulatory approval — Petroplus and two other current First West Virginia directors to be selected by both parties will be appointed to the boards of directors of CB Financial Services and Community Bank.