Gives Bank Flexibility For Expansion Possibilities
August 5, 2020
Clarion County Community Bank completed its reorganization into a holding company structure effective Aug. 1, 2020. The bank is now a wholly owned subsidiary of CCCB Bancorp, Inc., a Pennsylvania corporation recently formed by the bank. The reorganization was approved by the Federal Deposit Insurance Corporation, the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank of Cleveland.
Pursuant to the reorganization, each existing shareholder of the bank will receive an equal number of shares of CCCB Bancorp common stock in exchange for common stock.
William E. Hager, III, chairman of the board of the bank and CCCB Bancorp, said, “The holding company structure has been adopted by many banks because it provides greater flexibility in terms of the formation and acquisition of other financial institutions, as well as new business lines. In addition, transactions such as repurchasing outstanding stock, borrowing funds through the issuance of subordinated debt and otherwise, purchasing subordinated debt instruments and other securities, and other corporate matters will all be made easier through the holding company structure.”
James L. Kifer, president and CEO of the bank and CCCB Bancorp, added, “Although the bank presently does not have any definitive expansion plans, having the holding company structure in place will facilitate the bank's ability to capitalize on opportunities as they develop.”
Clarion County Community Bank is a commercial bank headquartered in Clarion, Pennsylvania with branches in New Bethlehem, Rimersburg and Franklin Pennsylvania, having assets of $193.5 million, deposits of $168.9 million, and shareholders' equity of $18.0 million as of June 30, 2020.
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