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CB Financial Services discloses merger consideration election results

For First West Virginia Bancorp Inc.'s pending merger into CB Financial Services Inc., shareholders of approximately 77.2% of First West Virginia's outstanding shares elected to receive stock.

Shareholders of around 10.7% of First West Virginia's outstanding shares elected to receive cash, and approximately 12.1% made a valid "no election" or did not make an election.

Pursuant to the terms of the deal, shareholders who made a valid stock election will receive 0.9583 share of CB Financial common stock for each of their shares, plus cash in lieu of any fractional share of CB Financial common stock. Shareholders who made a valid cash election will receive $28.50 per share for each of their shares, and shareholders who made a valid "no election" or did not make an election will receive 0.223473 share of CB Financial common stock for each First West Virginia common share, along with cash in lieu of any fractional share of CB Financial common stock, and $21.871473 in cash for each First West Virginia common share.

CB Financial will not issue any fractional common shares; First West Virginia stockholders will receive cash in lieu of fractional shares at a rate of $32.03912 per share.

CB Financial expects the deal to close April 30.