CB Financial Services, Inc. Announces Appointment of President and Chief Executive Officer
August 14 2020 - 7:15AM
CB Financial Services, Inc. (NASDAQGM: CBFV), the holding company
of Community Bank (the “Bank”) and Exchange Underwriters, Inc., a
wholly-owned subsidiary of the Bank, today announced that John H.
Montgomery has been appointed to serve as President and Chief
Executive Officer of the Company and the Bank effective August 31,
2020, succeeding Barron P. McCune, Jr. who has been serving in an
interim capacity since early January. Mr. Montgomery will also
serve as a Director of the Company and the Bank.
Concurrent with the effectiveness of Mr. Montgomery’s
appointment as President and Chief Executive Officer, Mr. McCune
will become an Executive Consultant to the Company and the Bank
through March 31, 2021 to assist in the leadership transition. Mr.
McCune will also become a Director Emeritus of the Bank and will
continue to serve as a Director Emeritus of the Company.
Mr. Montgomery is an accomplished bank executive with over 30
years of experience, demonstrating excellence in a variety of
challenging roles. After graduation from Juniata College in
Huntingdon, Pennsylvania, Mr. Montgomery was training to become a
naval aviator in Pensacola, Florida. When his eyesight disqualified
him from flight, he then attended Drexel University in
Philadelphia, Pennsylvania, where he received his MBA and turned
his attention to banking. He started his banking career in
Philadelphia and has a wide range of experience with both large and
small institutions. Most recently, in 2005, Mr. Montgomery joined
Susquehanna Bank and held a variety of executive positions for the
next nine years, including President of Susquehanna’s Pennsylvania
Division and Senior Credit Risk Officer. In 2014 Mr. Montgomery was
recruited by First Bank, a privately held $6 Billion bank located
in St. Louis, Missouri.
At First Bank, Mr. Montgomery has acted as Chief Credit Officer
and greatly improved the Bank’s credit posture following the Great
Recession. He served on the Bank’s Board of Directors and Executive
Committee.
Mr. Montgomery was born and raised in the suburbs of
Philadelphia and lived for over 20 years in Lancaster, Pennsylvania
prior to relocating to Missouri. He and his wife, Cory, are excited
at the chance to return to Pennsylvania, where their family
resides, and two of their three children are attending Juniata
College.
While Mr. Montgomery has enjoyed his time working for First Bank
and has great respect for the ownership and leadership team of
First Bank, the prospect of assuming the President / CEO role of a
strong community bank located in Pennsylvania was overwhelmingly
appealing.
Mr. Montgomery, in response to his appointment, said, “I am
honored to be selected as Community Bank’s next President and CEO.
Community Bank is uniquely positioned for continued success. The
Bank’s strength, legacy and brand make Community Bank an integral
part of the communities we serve. I look forward to continuing that
legacy, deepening those ties and growing the bank.”
Mark Fox, Chair of the Board of Directors of CB Financial and
Community Bank, remarked “The Board of Directors of Community Bank
is very pleased to welcome John Montgomery to the Bank as President
and CEO. Mr. Montgomery brings a broad and varied background in
banking with him and we look forward to his leadership as we
continue to grow the Community Bank franchise across the tri-state
area."
About CB Financial Services, Inc.
CB Financial Services, Inc. is the bank holding company for
Community Bank, a Pennsylvania-chartered commercial bank. Community
Bank operates sixteen offices in Greene, Allegheny, Washington,
Fayette, and Westmoreland Counties in southwestern Pennsylvania,
seven offices in Brooke, Marshall, Ohio, Upshur and Wetzel Counties
in West Virginia, and one office in Belmont County in 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 CB Financial Services, Inc. and
Community Bank, visit our website at www.communitybank.tv.
Forward-Looking Statements
Statements contained in this press release that are not
historical facts may constitute forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements are subject to significant risks
and uncertainties. The Company intends such forward-looking
statements to be covered by the safe harbor provisions contained in
the Act. The Company’s ability to predict results or the actual
effect of future plans or strategies is inherently uncertain.
Factors which could have a material adverse effect on the
operations and future prospects of the Company and its subsidiaries
include, but are not limited to, general and local economic
conditions, the scope and duration of economic contraction as a
result of the COVID-19 pandemic and its effects on the Company’s
business and that of the Company’s customers, changes in market
interest rates, deposit flows, demand for loans, real estate values
and competition, competitive products and pricing, the ability of
our customers to make scheduled loan payments, loan delinquency
rates and trends, our ability to manage the risks involved in our
business, our ability to control costs and expenses, inflation,
market and monetary fluctuations, changes in federal and state
legislation and regulation applicable to our business, actions by
our competitors, and other factors that may be disclosed in the
Company’s periodic reports as filed with the Securities and
Exchange Commission. These risks and uncertainties should be
considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. The Company
assumes no obligation to update any forward-looking statements
except as may be required by applicable law or regulation.
Contact:Barron P. McCune, Jr.President and Chief Executive
OfficerPhone: (724) 225-2400Fax: (724) 225-4903
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