The Bank Slate


CB Financial to record $2.7M chargeoff

CB Financial Services in Washington, Pa., has recorded a $2.7 million chargeoff tied to a commercial-and-industrial loan. 

The $1.4 billion-asset company said in a press release Monday that the chargeoff is associated with to a $3.5 million revolving line of credit that had an outstanding balance of roughly $2.7 million on June 1. 

CB Financial said the line of credit is the only credit relationship it has with an unnamed general contractor that intends to cease business operations over the next year. 

CB Financial said there is no specific loan-loss reserve against the loan and that the line of credit is partially secured by the borrower’s business assets. The company said it is pursuing legal remedies in hopes of improving its chances of a recovery, though “the prospects for recovery in the foreseeable future are limited.”

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