CARMICHAELS, Pa., June 26, 2015 (GLOBE NEWSWIRE) -- CB Financial Services, Inc. ("CB") (Nasdaq:CBFV) earned a spot in the American Banker's top 200 publicly traded community banks. The comparison of the peer group of 750 banks nationwide measures banks as ranked by their return on average equity over three years. CB's three year average return on equity was 9.21%. This was well above the median for the list of 750, which was 6.51%.
Those that earned a spot in the top 200 have set themselves apart primarily by making more loans. The leading banks have concentrated on business expansion and not on cost cutting.
For CB Financial Services, Inc. and its wholly owned subsidiary Community Bank, there are a variety of reasons they have moved onto a higher rung of the banking industry ladder. One important factor is the recent merger with FedFirst Financial Corporation. The merger closed on October 31, 2014.
"The merger has catapulted Community Bank to a higher level of performance in many regards," says Pat McCune, CEO of Community Bank and CB Financial Services, Inc. "We have more offices and a more complete menu of services. Our higher capital levels have allowed us to make more loans to businesses and other customers, both large and small. The efficiencies we have experienced since the merger will allow us to continue to grow and serve our customers."
CB Financial Services, Inc. is the bank holding company for Community Bank, a 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 services through Exchange Underwriters, Inc., its wholly owned subsidiary.
For more information about CB and Community Bank, visit our website at www.communitybank.tv.
Statements contained in this news 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 and 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 statement except as may be required by applicable law or regulation.