---
schema_version: "secwatch.filing_event.v1"
accession: "0001605301-23-000045"
form_type: "8-K"
ticker: "CBFV"
cik: "0001605301"
company_name: "CB Financial Services, Inc."
filed_at: "2023-12-01T23:59:59+00:00"
generated_at: "2026-06-07T19:22:24.690582+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# CB Financial Services agrees to sell insurance agency subsidiary for $30.5M cash

## Summary
- Purchase price $30.5M cash plus earn-out for Exchange Underwriters (2022 revenue $6.0M).
- Expected after-tax gain on sale of ~$16.4M.
- Pro forma TCE/TA improves 114bps to 8.56%; tangible book value per share up 16.8% to $23.47.
- President Richard Boyer to resign as director at closing; receives $600K settlement and vesting of equity awards.
- Transaction expected to close in Q4 2023, subject to customary conditions.

## SEC filing metadata
- accession: 0001605301-23-000045
- form_type: 8-K
- ticker: CBFV
- cik: 0001605301
- company_name: CB Financial Services, Inc.
- filed_at: 2023-12-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1605301/000160530123000045/0001605301-23-000045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1605301/000160530123000045/cbfv-20231201.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001605301-23-000045
- JSON: https://secwatch.observer/filing/0001605301-23-000045.json
- Plain text: https://secwatch.observer/filing/0001605301-23-000045.txt

## Key facts
- Executive change
  Richard B. Boyer resigned as Director at CB Financial Services, Inc..
  - Action: resigned
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1605301/000160530123000045/0001605301-23-000045-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1605301/000160530123000045/0001605301-23-000045-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.