By Wendy Van Sickle
Columbus, Ohio, Dec. 10 – CB Financial Services, Inc. entered into note purchase agreements for $15 million of 3.875% fixed-to-floating rate subordinated notes due 2031 in a transaction carried out under Section 4(a)(2), according to an 8-K filing with the Securities and Exchange Commission.
The coupon will be fixed until Dec. 15, 2026 and then will float at rate equal to SOFR plus 280 basis points.
The notes become callable in whole or in part starting Dec. 15, 2026.
D.A. Davidson & Co. was the placement agent.
Proceeds will be used for general corporate purposes, including to fund repurchases of the company’s outstanding shares of common stock.
CB Financial Services is the bank holding company for Community Bank, a Pennsylvania-chartered commercial bank. It is based Wilmington, Pa.
| Issuer: | CB Financial Services, Inc.
|
| Amount: | $15 million
|
| Issue: | Fixed-to-floating rate subordinated notes
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| Maturity: | Dec. 15, 2031
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| Coupon: | 3.875% until Dec. 15, 2026, then SOFR plus 280 bps
|
| Call option: | In whole or in part starting Dec. 15, 2026
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| Placement agent: | D.A. Davidson & Co.
|
| Announcement date: | Dec. 10
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| Distribution: | Section 4(a)(2)
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