Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Richard B. Boyer resigned as Director at CB Financial Services, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Mr. Boyer will resign as a director of each of the Company, the Bank and Exchange Underwriters as of the closing date of the Transaction.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
CB Financial Services, Inc. entered into Asset Purchase Agreement with World Insurance Associates, LLC valued at $30.5 million cash purchase price plus possible additional earn-out payments (effective 2023-12-01).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- World Insurance Associates, LLC
- Value
- $30.5 million cash purchase price plus possible additional earn-out payments
- Effective
- 2023-12-01
Exact text from the filing
On December 1, 2023 , Community Bank (the “Bank”), the wholly owned subsidiary of CB Financial Services, Inc. (the “Company”), and Exchange Underwriters, Inc. (“Exchange Underwriters”), the full-service independent insurance agency subsidiary of the Bank, entered into an Asset Purchase Agreement (the “Purchase Agreement”) with World Insurance Associates, LLC (“World”) and John H. Montgomery, in his capacity as the Selling Parties’ Earn-out Payment Representative, pursuant to which Exchange Underwriters will sell substantially all of its assets to World for a purchase price of $30.5 million cash purchase price plus possible additional earn-out payments (the “Transaction”).
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