CB Financial Services in Carmichaels, Pa., has agreed to buy First West Virginia Bancorp in Wheeling.
CB Financial said in a press release Thursday that it will pay $49 million in cash and stock for the $343 million-asset parent of Progressive Bank. The deal is expected to close in the second quarter.
The acquisition would allow the $908 million-asset CB Financial to expand into Wheeling and the Ohio Valley.
“We are thrilled to welcome the bankers at Progressive Bank,” Barron McCune Jr., CB Financial’s vice chairman and CEO, said in the release. “We know that, Progressive Bank, like us, takes pride in outstanding personal service and in supporting our communities.”
Bill Petroplus, First West Virginia’s CEO, and two other directors will join CB Financial’s board.
Keefe, Bruyette & Woods and Luse Gorman advised CB Financial. D.A. Davidson and Bowles Rice advised First West Virginia.