The board at CB Financial Services Inc., the holding company for Community Bank, has authorized a program to repurchase up to $5 million of the Washington, Pennsylvania, company’s outstanding common stock, which represents approximately 3.2 percent of outstanding shares.

The program is effective Nov. 25, 2019 and authorized through Nov. 24, 2020.

“In addition to continuing our solid quarterly dividend, we are excited to announce our first stock repurchase program in our commitment to optimize capital and provide an additional avenue to increase stockholder value,” President and CEO Patrick G. O’Brien said, in a statement. “After payment of the dividend and completion of the stock repurchase program, our capital ratios will continue to be very strong with sufficient capital to support organic growth and regular dividends.”

Repurchases may be transacted in the open-market or in negotiated private transactions. Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the company and its stockholders, subject to various factors, including but not limited to, the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and the company’s financial performance.

Community Bank operates 20 offices in Greene, Allegheny, Washington, Fayette, and Westmoreland counties in southwestern Pennsylvania, seven offices in Brooke, Marshall, Ohio, Upshur and Wetzel counties in West Virginia, and one office in Belmont County in Ohio.