September 28, 2022

TrafficMouse

Think Differently

CB Financial Companies, Inc. Records Financial loan Charge-Off

WASHINGTON, Pa., June 06, 2022–(Enterprise WIRE)–CB Monetary Expert services, Inc. (the “Enterprise”) (NASDAQ: CBFV), the keeping firm for Community Financial institution (the “Bank”) and Trade Underwriters, Inc., a wholly-owned insurance coverage subsidiary of the Bank, announced nowadays it has recorded a charge-off of $2.7 million (pre-tax) with regard to a commercial and industrial bank loan.

The demand-off relates to a $3.5 million revolving line of credit, with an exceptional stability of $2.66 million as of June 1, 2022, which is the only credit history relationship the corporate borrower, a general contractor, has with the Bank. The borrower has notified the Bank that it intends to cease business enterprise operations about the class of the up coming calendar year. There is no particular personal loan decline reserve versus the personal loan. The line of credit score is partially secured by the borrower’s business enterprise assets. The Lender is pursuing lawful remedies built to boost the chances of a restoration, despite the fact that primarily based on the Bank’s present-day evaluation of the credit rating romantic relationship it is believed that the prospective customers for recovery in the foreseeable upcoming are restricted.

About CB Money Providers, Inc.
CB Economical Services, Inc. is the bank holding corporation for Group Lender, a Pennsylvania-chartered professional financial institution. Local community Lender operates its branch community in southwestern Pennsylvania and West Virginia. Group Lender features a wide array of retail and business lending and deposit companies and presents commercial and individual insurance coverage brokerage services via Trade Underwriters, Inc., its wholly owned subsidiary.

For far more info about CB Financial Expert services, Inc. and Group Financial institution, stop by our web site at www.communitybank.television.

Forward Seeking Statements
Statements contained in this push launch that are not historical points might constitute ahead-on the lookout statements as that term is outlined in the Non-public Securities Litigation Reform Act of 1995 and these kinds of forward-seeking statements are issue to sizeable dangers and uncertainties. The Organization intends this sort of ahead-looking statements to be coated by the secure harbor provisions contained in the Act. The Company’s capacity to forecast benefits or the true outcome of future programs or procedures is inherently uncertain. Things which could have a materials adverse result on the operations and long term potential clients of the Corporation and its subsidiaries consist of, but are not restricted to, normal and local economic ailments, the scope and period of economic contraction as a end result of the COVID-19 pandemic and its effects on the Company’s business and that of the Company’s buyers, alterations in market interest prices, deposit flows, need for financial loans, real estate values and competition, competitive items and pricing, the capability of our customers to make scheduled financial loan payments, mortgage delinquency prices and tendencies, our means to handle the hazards included in our organization, our skill to management prices and bills, inflation, industry and financial fluctuations, modifications in federal and condition legislation and regulation relevant to our enterprise, actions by our rivals, and other aspects that may perhaps be disclosed in the Company’s periodic stories as filed with the Securities and Exchange Commission. These dangers and uncertainties need to be considered in analyzing forward-searching statements and undue reliance should not be placed on these statements. The Organization assumes no obligation to update any forward-on the lookout statements apart from as may be necessary by relevant legislation or regulation.

See supply variation on businesswire.com: https://www.businesswire.com/news/property/20220606005932/en/

Contacts

Firm Speak to:
John H. Montgomery
President and Chief Govt Officer
Mobile phone: (724) 225-2400

Trader Relations:
Jeremy Hellman, Vice President
The Equity Group Inc.
Phone: (212) 836-9626
Electronic mail: [email protected]