CB Financial Services, Inc. Announces Implementation of Branch Optimization Initiatives - Seite 2
Mr. Montgomery continued, “While the Company has performed admirably throughout the global pandemic, customers began to transition to the use of digital banking services at an accelerated rate. While also improving operating efficiency, we are committed to enhancing fintech capabilities, as well as our digital and mobile presence. We intend to invest in our current branch network and technology, as well as improve the ability of our bank to remain versatile in this ever-evolving environment. With expectations of a continued low interest rate environment, along with continued pressure on interest margins and cost of capital in future periods, we identified key areas to improve operational efficiencies that will result in a more competitive cost structure in 2021 and beyond, while also offsetting necessary investments in our infrastructure that will well-position Community Bank as a high performing institution for the future.”
Availability of Additional Information in Investor Presentation
CB Financial has also made available an updated investor presentation at the investor relations section on its website at www.communitybank.tv with additional information on the strategic initiatives, and will provide additional details in a Form 8-K filed with the Securities and Exchange Commission.
About CB Financial Services, Inc.
CB Financial Services, Inc. is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. Community Bank operates 15 offices in Greene, Allegheny, Washington, Fayette, and Westmoreland Counties in southwestern Pennsylvania, six offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties in West Virginia, and one office in Belmont County in Ohio. Community Bank offers a broad array of retail and commercial lending and deposit services and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.
For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.
Statements contained in this press 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. 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 the branch optimization initiatives is inherently uncertain. Factors which could have a material adverse effect on the branch optimization initiatives and the operations and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, the scope and duration of economic contraction as a result of the COVID-19 pandemic and its effects on the Company’s business and that of the Company’s customers, changes in market interest rates, deposit flows, demand for loans, real estate values and competition, competitive products and pricing, the ability of our customers to make scheduled loan payments, loan delinquency rates and trends, our ability to manage the risks involved in our business, our ability to control costs and expenses, inflation, market and monetary fluctuations, changes in federal and state legislation and regulation applicable to our business, actions by our competitors, and other factors that may be disclosed 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 statements except as may be required by applicable law or regulation.