CB Financial Services in Washington, Pa., has agreed to sell two branches to Citizens Financial in Elkins, W.Va.
The $1.5 billion-asset CB Financial said in a press release Thursday that it will sell the West Virginia locations, in Buckhannon and New Martinsville, along with $101.9 million of deposits and $6.3 million of loans.
The $340 million-asset Citizens will pay a 5% deposit premium for the deposits transferred. The deal is expected to close in the fourth quarter.
The sales are part of a branch optimization strategy CB Financial announced in February.
CB Financial said the sale will allow it to focus on its core markets in southwestern Pennsylvania. It also plans to close six other branches, reducing its overall footprint to 14 locations.
The branches being sold “are much closer to Citizens’ headquarters and centralized operations,” John Montgomery, CB Financial’s president and CEO, said in the release.
“This transaction allows our company to focus our growth on our core markets,” Montgomery added. “We remain focused on increasing efficiency and investing in digital marketing and technology enhancements.”
D.A. Davidson and Luse Gorman advised CB Financial. Ategra Capital Management and Jackson Kelly advised Citizens.