trending Market Intelligence /marketintelligence/en/news-insights/trending/ebEAOzNMIHMC5PPNmJ_3uQ2 content esgSubNav
In This List

CB Financial picked Providence over cash-and-stock bidder


S&P Capital IQ Pro | Powering Your Edge


Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter


S&P Capital IQ Pro | Unrivaled Sector Coverage


Banking Essentials Newsletter: September Edition

CB Financial picked Providence over cash-and-stock bidder

Wilson, N.C.-based CB Financial Corp. chose to pursue an acquisition by Providence Bank over another North Carolina-headquartered acquirer with a cash-and-stock offer.

The two would-be buyers had made bids in January, and Providence increased its all-cash bid in time for a February CB Financial board meeting. Discussions lasted several months, culminating in the August announcement of their merger agreement.

Should the deal fall through, CB Financial will pay a termination fee of $475,000 under certain circumstances; Providence's yet-to-be-formed holding company, PB Financial Corp., will pay $300,000 under other conditions. Reimbursement of up to $250,000 may also be paid.

CB Financial shareholders vote on the merger Oct. 30.