CLARION, Pa.--(BUSINESS WIRE)--Clarion County Community Bank (OTC Pink: CCYY) announced today that the Bank has completed its reorganization into a holding company structure effective August 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 (FDIC), 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 his or her Bank common stock. Bank shareholders should begin to receive correspondence from the Bank’s transfer agent, Philadelphia Stock Transfer, in the next few weeks with instructions regarding the procedures for exchanging share certificates.
William E. Hager, III, Chairman of the Board of the Bank and CCCB Bancorp, stated that “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.”
About Clarion County Community Bank
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.
Forward-Looking Statements
The Bank may from time to time make written or oral “forward-looking statements,” including statements contained in the Bank’s reports to shareholders and in other communications by the Bank (including this press release), which are made in good faith by the Bank pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements involve risks and uncertainties, such as statements of the Bank’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Bank’s control). The following factors, among others, could cause the Bank’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the extent of the adverse impact of the current global coronavirus outbreak on our customers, prospects and business, as well as the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Bank conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; market volatility; the value of the Bank’s products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors’ products and services; the willingness of customers to substitute competitors’ products and services for the Bank’s products and services; credit risk associated with the Bank’s lending activities; risks relating to the real estate market and the Bank’s real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Bank; technological changes; available acquisitions; changes in consumer spending and saving habits, and the success of the Bank at managing the risks involved in the foregoing.
The Bank cautions that the foregoing list of important factors is not exclusive. The Bank does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Bank, except as required by applicable law or regulation.