CB Financial To Buy FedFirst Financial In $54.5 Mln Cash And Stock Deal

(RTTNews) - CB Financial Services, Inc. (CBFV), the holding company for Community Bank, has agreed to buy FedFirst Financial Corp. (FFCO), the holding company for First Federal Savings Bank, in a cash and stock deal valued at about $54.5 million, the two companies said Monday.

On a combined basis, CB will have more than $860 million in total assets and will be attractively positioned in the heart of the Marcellus Shale Region to provide a broad array of retail and commercial banking services to customers throughout southwestern Pennsylvania.

Under the deal, which has been approved by the boards of directors of both companies, FedFirst shareholders will be entitled to elect to receive $23.00 in cash or shares of CB Financial common stock based on a fixed exchange ratio of 1.1590 shares of CB Financial common stock for each share of FedFirst common stock, subject to proration to ensure that at closing 65% of the outstanding shares of FedFirst common stock are exchanged for shares of CB Financial common stock and the remaining 35% are exchanged for cash.

Effective upon the closing of the merger, current FedFirst directors John LaCarte, John Swiatek, Patrick O'Brien and Richard Boyer will be appointed to the boards of directors of CB Financial and Community Bank. In addition, O'Brien will serve as Executive Vice President and Chief Operating Officer of Community Bank and Boyer will serve as Vice President of Insurance Operations of Community Bank.

CB Financial and FedFirst expect to complete the deal late in the third or early fourth quarter of 2014.

On a combined basis, CB Financial will have more than $860 million in total assets.