CB Financial records $2.7M pre-tax charge-off on C&I loan; borrower ceasing ops

CB Financial Services, Inc.

$2.7M pre-tax charge-off on a $3.5M revolving credit line with $2.66M outstanding as of June 1, 2022.
Borrower, a general contractor, notified Bank it intends to cease business operations over the next year.
Loan is partially secured by business assets; Bank pursuing legal remedies but recovery prospects limited.
No specific loan loss reserve existed against the loan; it is the borrower's only credit with the Bank.

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