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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Mon Valley preparing for Small Business Saturday
- Rostraver business site ordered to close
- Fayette City in search of better times
- Monongahela paramedic dies in the line of duty
- Monessen amphitheater proves to be crowd pleaser
- Hearings delayed for 3 men charged in Rostraver home invasion