COMMUNITY HERITAGE FINANCIAL, INC. BECOMES BANK HOLDING COMPANY FOR MIDDLETOWN VALLEY BANK
MIDDLETOWN, Md.–(PR NEWSWIRE)– Middletown Valley Bank, Inc. (the “Bank”) and Community Heritage Financial, Inc. (the “Company”) (OTC Pink: CMHF), announced that, effective today, they have completed the process of reorganizing into a bank holding company structure, which was approved by the Bank’s stockholders at its 2018 annual meeting. As a result, the Company is now the holding company of the Bank.
Pursuant to the reorganization, all shares of common stock of the Bank will automatically convert into the same number of shares of common stock of the Company. Consistent with the Bank’s common stock, effective tomorrow, the common stock of the Company will be quoted on the OTC Pink market of the OTC Markets Group quotation system under the symbol “CMHF.” The Bank will continue to operate as Middletown Valley Bank and continue its existing business, and the existing directors and executive officers of the Bank will also serve in the same capacity for the Company.
“The new bank holding company structure provides us with the operational and financial flexibility needed to achieve our long-term growth strategies,” said Robert “B.J.” Goetz, Jr., President and CEO of the Company and the Bank.
Community Heritage Financial, Inc. is headquartered in Middletown, Maryland. Its wholly-owned subsidiary, Middletown Valley Bank, conducts full service commercial and retail banking services through six branches located in Frederick and Washington Counties, Maryland.
Middletown Valley Bank, Inc.
Brian M. Ropp
Executive Vice President & Chief Financial Officer