News Release

Midlothian, Virginia, August 5, 2019:  The second quarter of 2019 saw new product offerings for our customer banks, a new senior lending officer, and strong earnings for Community Bankers’ Bank (“CBB” or “the Bank”) and CBB Financial Corp. (“CBBFC”):

  1. Richmond, Virginia-based Tone Capital, LLC joining forces with CBB to change the way community banks deliver investment advisory services to their customers. Tone Capital brings an on-line platform that can guide savers of all types into the best investment options at a fraction of the cost of most bank-based programs and Brokerage operations.
  2. Thomas J. “Tommy” Bourque has been hired as Senior Vice President and Chief Lending Officer.
  3. We are pleased that two of our 2019 product and service offerings are gaining traction with our client banks. Bower Consulting has signed up a client for its loan review service.  Paymerang has one CBB client bank using their ePayables solution, while one is in the contract approval stage and several more are conducting vendor management and contract review.

Net income of $101,000 was recorded for the three-month period ended June 30, 2019, compared to net income of $45,000 for the three-month period ended June 30, 2018.  Net income of $311,000 was recorded for the six-month period ended June 30, 2019, compared to net income of $56,000 for the six-month period ended June 30, 2018.  CBB and CBBFC report on a consolidated basis.

The Bank, as a result of continued strong credit quality, lower levels of non-performing loans and recoveries from prior charged off loans, did not record a loan loss provision in either the first six months of 2019, compared to provision reversals of $114,000 in the first six months of 2018.  The loan loss allowance at June 30, 2019 was $1,914,000, or 2.25% of gross loans.

There were no non-performing assets at June 30, 2019, compared to nonperforming assets of $343,000 or 0.25% of total assets at December 31, 2018, and $581,000 or 0.39% of total assets at June 30, 2018.

The Bank continues to maintain a strong capital position, that exceeds all regulatory requirements to be classified as “well capitalized.”  The Bank’s Tier 1 leverage ratio totaled 13.03% at June 30, 2019, compared to 13.24% at December 31, 2018 and 12.13% at June 30, 2018.  The Bank’s Total Capital Ratio equaled 16.83% at June 30, 2019, compared to 16.39% at December 31, 2018 and 16.44% at June 30, 2018.

G. Willian Beale, President and Chief Executive Officer stated, “I am very pleased with the progress that has been made during the first eight months of my tenure.  Earnings have been stabilized.  Six new strategic partners have been added to assist our clients in reducing expenses or increasing income.  New client banks have opened deposit accounts.  We have seen a decline in loans outstanding as banks either repurchased loans for their balance sheet or client bank customers have refinanced into the secondary market.  These repayments have also impacted our respondent banks to whom we have sold loan participations.  CBB has participations sold roughly equal to our loan book.  Fortunately, our unfunded loan commitments and approved loan pipeline is good.  Increased outreach seeking loan participations by our credit team and Regional Managers should result in higher loans outstanding.  Thank you for the business!”

For further information, please contact:

G. William Beale
President & CEO

2601 Promenade Pkwy
Midlothian, VA 23113

Phone: 804-794-5885 x 116
Fax: 804-378-2856


Stephen R. Kinnier
Senior Vice President & CFO

2601 Promenade Pkwy
Midlothian, VA 23113

Phone: 804-794-5885 x 127
Fax: 804-378-2856


For Correspondent Services Information, contact:

Virginia and West Virginia:
Jo Ellen McKinley, Senior Vice President
Investment Officer and Regional Manager
Phone:  804-239-0452

Maryland, Northern Virginia, and the District of Columbia:
Leesa McShane, Senior Vice President
Regional Manager
Phone:  443-928-3070

North Carolina and South Carolina:
Rose J. Washofsky, Senior Vice President
Regional Manager
Phone:  919-368-0217

Main Office:
Wendy C. Wright, Senior Vice President
Operations & IT
Phone:  804-794-5885 x 119

For Summary Consolidated Financial Data, please download the full Press Release: