Transaction will enable both banks to focus on core markets.
WASHINGTON, PA and ELKINS, WV – June 10, 2021 – Community Bank and Citizens Bank of West Virginia, Inc. are pleased to announce what they view as a ‘win-win’ transaction for both institutions. Community Bank has agreed to sell two West Virginia branches to Citizens Bank of West Virginia, Inc., which will enable the two organizations to best serve clients in their core markets.
The two branches that will be sold to Citizens Bank of West Virginia, Inc. (“Citizens Bank”) are located at:
3 S. Locust Street in Buckhannon, WV
425 3rd Street in New Martinsville, WV
The sale is part of Community Bank’s branch optimization initiative, designed to ensure Community Bank delivers the best products and services to its valued clients and remains the bank of choice in its markets.
“It’s a win-win for both banks,” said John H. Montgomery, President and CEO of Community Bank. “From our standpoint, we will be in a strong position to make critical investments in technology, infrastructure, and client experience in our core markets.”
Nathaniel S. Bonnell, President and Chief Executive Officer of Citizens Bank of West Virginia agreed. “Citizens’ purchase of these branches is the perfect opportunity for us to increase our presence in the Buckhannon market and expand our footprint into New Martinsville,” he said. “This will strengthen our commitment to clients in the region. We are very excited to welcome these West Virginia clients into the Citizens family.”
Community Bank accepted the offer from Citizens Bank because the financial terms were agreeable, and because Citizens Bank is expected to retain as many current Community Bank employees as possible, while also honoring years of service. The deposit and loan balances at the branch locations as of May 31, 2021 were approximately $101.9 million, and $6.3 million, respectively.
Customers of the two acquired branches will receive additional information regarding the transaction in coming months. Both bank teams will work closely through the conversion to assure a smooth transition that supports employees, customers and the communities.
“We are very grateful for our team members and clients in this market and are confident Citizens Bank will maintain the meaningful relationships we built in these communities and make this transaction a success,” Montgomery concluded.
About Community Bank
Community Bank is a Pennsylvania-chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania, West Virginia, and 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 Community Bank, visit our website at www.communitybank.tv.
About Citizens Bank of West Virginia, Inc.
Citizens Bank of West Virginia, Inc., is a West Virginia bank with assets of $340 million headquartered in Elkins, West Virginia. From five office locations in North Central West Virginia, the bank provides integrated financial services including retail and commercial banking, wealth management, and mortgage services. Citizens Bank was recently ranked 64th in the May 2021 issue of American Banker’s Top 200 Publicly Traded Community Banks and Thrifts in the United States.
For more information about Citizens Bank of West Virginia, Inc., visit us online at www.citizenswv.com.