CB Financial Services, Inc. and Community Bank Announces Management Changes
August 14, 2020 at 08:15 am EDT
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CB Financial Services, Inc. (the Company) and Community Bank (the Bank) announced that John H. Montgomery has been appointed to serve as President of the Company and the Bank effective August 31, 2020, succeeding Barron P. McCune, Jr. who has been serving on an interim basis since January 8, 2020. Concurrent with the effectiveness of the appointment of Mr. Montgomery, Mr. McCune will resign as President and Chief Executive Officer of the Company and the Bank and become an Executive Consultant to the Company and the Bank through March 31, 2021 to assist in the transition. Also on August 13, 2020, the Company's Board of Director appointed Mr. Montgomery to serve as a Director of the Company effective August 31, 2020. He will serve in the class of directors whose terms expire at the Company's Annual Meeting of Stockholder in 2022. The Bank's Board of Director also appointed Mr. Montgomery to serve as a Director of the Bank effective August 31, 2020. Concurrent with the effectiveness of the appointment of Mr. Montgomery, Mr. McCune will resign as a Director of the Bank and become a Director Emeritus. Mr. McCune will continue to serve as a Director Emeritus of the Company. Mr. Montgomery is an accomplished bank executive with over 30 years of experience, demonstrating excellence in a variety of challenging roles. In 2014 Mr. Montgomery was recruited by First Bank.
CB Financial Services, Inc. is the bank holding company. The Company conducts its operations primarily through its wholly owned subsidiary, Community Bank (the Bank). The Bank offers range of residential and commercial real estate loans, commercial and industrial loans, and consumer loans and deposit products for individuals and businesses in its market area. The Company's principal lending activity has been the origination in its local market area of residential one- to four-family, commercial real estate, construction, and others. Its residential real estate loans are comprised of loans secured by one- to four-family residential properties. It provides loans to individuals to finance the construction of residential dwellings, construction of commercial properties, including hotels, and apartment buildings. Its investment portfolio includes United States Government Agency Securities, Obligations of States and Political Subdivisions, Mortgage-Backed Securities, and Corporate Debt.