CB Financial Services, Inc. Promotes Patrick G. O’Brien to President and Announces Results of Annual Shareholders’ Meetin...
May 17 2017 - 4:30PM
CB Financial Services, Inc. (“CB Financial” or the “Company”)
(NASDAQ:CBFV), the holding company of Community Bank and Exchange
Underwriters, Inc., a wholly-owned insurance subsidiary of
Community Bank, today announced that Mark E. Fox, William C.
Groves, John J. LaCarte and David F. Pollock were-elected as
Directors, each to a three-year term, at the annual shareholders’
meeting held today. Shareholders also ratified Baker Tilly
Virchow Krause, LLP to serve as the Company’s independent
registered public accountants.
At the annual re-organization meetings of the Boards of
Directors which followed the annual shareholders’ meeting, Patrick
G. (“Pat”) O’Brien was promoted to President of both CB Financial
and Community Bank. Barron P. McCune, Jr. will continue
in the role of CEO of both organizations. In addition,
Executive Vice President of Loan Administration, Ralph Burchianti
was promoted to Executive Vice President and Chief Credit
Officer.
Ralph J. Sommers, Jr., Chairman of the Board of Directors of CB
Financial and Community Bank, said, “We look forward to working
with Mr. O’Brien as he prepares to assume the role of President and
CEO when Mr. McCune eventually retires. We also would like to
recognize Ralph Burchianti for his long and valuable service to the
Bank.”
Barron P. (“Pat”) McCune, Jr., Vice Chairman and Chief Executive
Officer of CB Financial and Community Bank, stated, “I have known
Pat O’Brien well for thirty years. During that time he has
been an exceptional banker and community leader throughout the
tri-state area. Pat was the President and CEO of First
Federal Savings Bank (“First Federal”) when Community Bank and
First Federal merged in 2014. Since that time, he has served
as the Senior Executive Vice President and Chief Operating Officer
of CB Financial and Community Bank. Pat shares my commitment
to outstanding customer service and community development. As
I have begun to contemplate my eventual retirement, I recommended
to the Board of Directors that Pat O’Brien be promoted to the
office of President and be my eventual successor. We are
fortunate to have Pat and I am pleased that the Board has appointed
him as President. I will continue in my role as CEO of
Community Bank and CB Financial Services, Inc. until my
retirement. I look forward to continuing to work with Pat to
make Community Bank a better and more valuable company.” Mr.
McCune also noted that he and Mr. O’Brien have worked together on
many non-profit and community endeavors during their long
friendship.
Pat O’Brien commented, “I am honored and humbled to become the
President of CB Financial Services, Inc. and Community Bank and to
continue to work with Mr. McCune in building Community Bank.
It is an exceptional place to work and an exceptional opportunity
for me. I thank the Board for their confidence in me and in
the future of Community Bank.”
About CB Financial Services, Inc
CB Financial Services, Inc. is the bank holding company for
Community Bank, an $867 million Pennsylvania-chartered commercial
bank. Community Bank operates 16 offices in Greene, Allegheny,
Washington, Fayette, and Westmoreland Counties in southwestern
Pennsylvania. Community Bank offers a broad array of retail and
commercial lending and deposit services and provides commercial and
personal insurance brokerage services through Exchange
Underwriters, Inc., its wholly owned subsidiary.
For more information about CB Financial and Community Bank,
visit our website at www.communitybank.tv.
Statements contained in this press release that are
not historical facts may constitute forward-looking statements as
that term is defined in the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to
significant risks and uncertainties. The Company intends such
forward-looking statements to be covered by the safe harbor
provisions contained in the Act. The Company’s ability to predict
results or the actual effect of future plans or strategies is
inherently uncertain. Factors which could have a material
adverse effect on the operations and future prospects of the
Company and its subsidiaries include, but are not limited to,
changes in market interest rates, general economic conditions,
changes in federal and state regulation, actions by our
competitors, loan delinquency rates, our ability to control costs
and expenses, and other factors that may be described in the
Company’s periodic reports as filed with the Securities and
Exchange Commission. These risks and uncertainties should be
considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. The Company
assumes no obligation to update any forward-looking statements
except as may be required by applicable law or regulation.
Contact:
Barron P. McCune, Jr.
Vice Chairman and Chief Executive Officer
Phone: (724) 225-2400
Fax: (724) 225-4903
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