CB Financial Services in Carmichaels, Pa., laid off seven employees and announced the resignation of its chief financial officer.
The $1.5 billion-asset company said in a regulatory filing that the layoffs account for about 5% of its staff. The company also entered into a severage agreement with Jamie Prah that includes $558,000 in severance.
Including that payout, CB Financial said it should incur about $1 million in pretax charges tied to the departures. Factoring in other cost-cutting measures, including property management and recruitment, the company expects to save $1.5 million annually on a pretax basis.