First Federal, Community Bank join
For more than 90 years, the First Federal Savings Bank name has dotted the Valley financial horizon.
By the fourth quarter of this year, it will be replaced by the name Community Bank.
CB Financial Services Inc., the Carmichaels-based holding company for Community Bank, and FedFirst Financial Corp., the holding company for Monessen-based First Federal Savings Bank, announced they will merge under the Community Bank name.
“We are thrilled to welcome the bankers at First Federal Savings Bank into the Community Bank family,” Barron P. McCune Jr., Community Bank president and CEO, said in a statement.
“Together, we can take the best of each bank and find new and better ways to serve our customers. We will strive to create the premier community bank in southwestern Pennsylvania.”
The merger involves a cash and stock transaction valued at approximately $54.5 million. On a combined basis, CB will have more than $860 million in total assets.
FedFirst directors John J. LaCarte, John M. Swiatek, Patrick G. O'Brien and Richard B. Boyer will be appointed to the boards of directors of CB and Community Bank.
O'Brien, First Federal Savings bank president and CEO, will serve as executive vice president and chief operating officer of Community Bank.
Boyer will serve as vice president of insurance operations.
“We expect for our customers a seamless transition,” O'Brien told The Valley Independent Wednesday.
O'Brien noted that First Federal customers will now have 18 branches at which to do business in Washington, Greene, Westmoreland, Fayette and Allegheny counties. First Federal has seven branch locations.
“Products and services will be expanded,” O'Brien said.
For consumer customers, that will include financial advisory services, O'Brien said.
O'Brien said the merger will mean more lending capacity for business customers. He said Community Bank also offers merchandise card services.
“We wanted to take advantage of the overall economy of southwestern Pennsylvania, which is good,” O'Brien said. “And by combining our banks together, we can better serve our customers and grow the economy.”
A transition integration team will be assembled to work out the details, O'Brien said.
“The overall message for our customers is the local services they're used to will be continued under the name of Community Bank,” O'Brien said. “They, like us, are dedicated to all of the communities they serve.”
Chris Buckley is a staff writer for Trib Total Media. He can be reached at 724-684-2642 or email@example.com.
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