CB Financial Services, Inc. and Community Bank Announce Board Changes
December 19, 2018 at 04:00 pm EST
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CB Financial Services, Inc. announced that Barron P. McCune, Jr. notified the company's and its wholly-owned subsidiary, Community Bank of his decision to retire from the Boards of Directors effective January 1, 2019. Based on Mr. McCune's combined years of service to the Company and Community Bank along with his institutional knowledge of the organization, and to provide for his continued affiliation with the Company so as to be available to render services to the Company as requested by the Company, the Company's Board of Directors has appointed Mr. McCune as an Emeritus Director. the unanimous recommendation of the Nominating/Corporate Governance Committee of the Board of Directors, the Company and Community Bank have appointed Ralph Burchianti to their Boards of Directors to fill the vacancy that will be created by Mr. McCune's retirement. The Board of Directors reviewed Mr. Burchianti's credentials, including his years of service as Executive Vice President Chief Credit Officer of Community Bank, and considered the recommendation of the Nominating/Corporate Governance Committee. Mr. Burchianti's board appointment will become effective January 1, 2019, and he will serve in the Company's class of directors with terms expiring in 2021.
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.