ELKINS, WV (WBOY) — Community Bank and Citizens Bank of West Virginia, Inc. announced, what they view as, a ‘win-win’ transaction for both institutions.
Community Bank agreed to sell two West Virginia branches to Citizens Bank of West Virginia, Inc., which will enable the two organizations to best serve clients in their core markets.
The two branches that will be sold to Citizens Bank of West Virginia, Inc. (“Citizens Bank”) are
- 3 S. Locust Street in Buckhannon, W.Va.
- 425 3rd Street in New Martinsville, W.Va.
The sale is part of an optimization initiative, designed to ensure Community Bank delivers the best products and services to its valued clients, and remains the bank of choice in its markets, according to a press release.
“It’s a win-win for both banks,” said John H. Montgomery, President and CEO of Community
Bank. “From our standpoint, we will be in a strong position to make critical investments in
technology, infrastructure, and client experience in our core markets.”
According to media release, Community Bank accepted the offer from Citizens Bank because the financial terms were agreeable, and Citizens Bank is expected to retain as many current Community Bank employees as possible, while also honoring years of service.
“Citizens’ purchase of these branches is the perfect opportunity for us to increase our presence in the Buckhannon market and expand our footprint into New Martinsville,” said Nathaniel Bonnell, President and Chief Executive Officer of Citizens Bank of West Virginia. “This will strengthen our commitment to clients in the region. We are very excited to welcome these West Virginia clients into the Citizens family.”
The deposit and loan balances at the branch locations as of May 31, 2021 were approximately $101.9 million, and $6.3 million, respectively.
Customers of the two acquired branches will receive additional information regarding the transaction in the coming months. Both bank teams will work closely through the conversion to assure a smooth transition that supports employees, customers and the communities.