CB Financial completes sale of Exchange Underwriters for $30.5M cash

CB Financial Services, Inc.

Sale of wholly owned insurance agency Exchange Underwriters to World Insurance Associates for $30.5M cash plus potential earn-outs.
Director Richard Boyer resigned from all boards effective December 8; board sizes reduced accordingly.
Transaction closed on December 8, 2023; Community Bank remains CB's sole banking subsidiary.

item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Richard Boyer

director

CBFV · CB Financial Services, Inc.

Effective: 2023-12-08
Filed: December 8, 2023, 6:59 PM ET

In connection with the closing of the Transaction (as defined in Item 8.01 below), Richard Boyer resigned from his directorships at CB Financial Services, Inc. (the “Company”), Community Bank (the “Bank”) and Exchange Underwriters, Inc. (“Exchange Underwriters”), effective December 8, 2023 .

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Richard Boyer resigned as director at CB Financial Services, Inc..

Action: resigned
Role: director

Exact text from the filing

In connection with the closing of the Transaction (as defined in Item 8.01 below), Richard Boyer resigned from his directorships at CB Financial Services, Inc. (the “Company”), Community Bank (the “Bank”) and Exchange Underwriters, Inc. (“Exchange Underwriters”), effective December 8, 2023 .

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Source: SEC EDGAR

accession 0001605301-23-000049

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