Midlothian, Va.-based CBB Financial Corp will discontinue its internal audit and credit risk review services by the end of 2017.
President and CEO Howard Pisons said the company has found it can no longer "provide a high level of quality services ... while keeping fees at a reasonable level." He added that the company will shift its focus to correspondent banking and credit services lines instead.
CBB, the parent of Community Bankers' Bank, on Dec. 11 reported third-quarter net income of $50,000, up from the year-ago period's $25,000. The recent quarter's results include a loan loss provision reversal of $125,000. At Sept. 30, nonaccrual loans totaled $892,000.
