[Form 4] CB Financial Services, Inc. Insider Trading Activity

Rhea-AI Filing Summary

CB Financial Services insider activity: Jennifer L. George, SEVP and COO, reported transactions dated 09/17/2025 showing a mix of option exercise/acquisition and open-market sales. She acquired 7,800 shares via an option exercise at $22.25 per share and sold multiple tranches of common stock at prices ranging from $33.00 to $33.50. Following the reported trades the filing lists 12,285 shares held directly and 3,047 shares held indirectly through an IRA. The filing also discloses several outstanding stock option grants and restricted stock awards with staged vesting (generally 20% per year) and option exercise prices from $22.01 to $30.75.

Positive

• Acquisition via option exercise: 7,800 shares acquired at $22.25, increasing immediate ownership before sales
• Clear vesting schedules disclosed: Restricted stock and options vest generally at 20% per year, providing transparency on future dilution and alignment
• Continued ownership after trades: Reporting person still holds 12,285 shares directly plus 3,047 indirectly via an IRA

Negative

• Net reduction in direct holdings: Direct beneficial ownership decreased from 17,327 pre-trade to 12,285 post-trade, a decline of 5,042 shares
• Significant sales on same day as exercise: Multiple open-market sales at prices between $33.00 and $33.50 which materially monetized a portion of her position

Insights

Securities Analyst

TL;DR: Insider exercised options and sold a material portion of direct holdings, leaving both direct and IRA positions and retaining multiple unvested awards.

The reporting person executed a net reduction in direct beneficial ownership through a same-day acquisition of 7,800 shares via option exercise at $22.25 and multiple sales at prices between $33.00 and $33.50. The form documents retained equity in two forms: 12,285 shares direct and 3,047 shares held indirectly by an IRA, plus several option grants and restricted shares subject to 20% annual vesting. For investors, this is a routine Section 16 disclosure showing liquidity-taking after option exercise, while continued ownership and unvested awards indicate ongoing executive alignment with the company.

Corporate Governance Expert

TL;DR: Transactions are properly reported and include structured vesting schedules; activity appears administrative and within typical executive compensation practices.

The Form 4 lists multiple equity instruments with clear vesting commencement dates and exercise prices, and the certification is executed by power of attorney. The combination of option exercises, scheduled vesting of restricted stock, and subsequent open-market sales is consistent with standard post-exercise liquidity management. All material items (number of shares, prices, vesting terms) are disclosed on the form.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GEORGE JENNIFER L

(Last) (First) (Middle)

100 N. MARKET STREET

(Street)

CARMICHAELS PA 15320

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CB Financial Services, Inc. [ CBFV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SEVP and COO

3. Date of Earliest Transaction (Month/Day/Year)
02/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/17/2025		M		7,800	A	$22.25	17,327(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		2,194	D	$33	15,133(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		30	D	$33.01	15,103(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		2	D	$33.02	15,101(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		10	D	$33.05	15,091(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		29	D	$33.06	15,062(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		27	D	$33.1	15,035(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		200	D	$33.14	14,835(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		28	D	$33.15	14,807(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		200	D	$33.16	14,607(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		22	D	$33.17	14,585(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		1,834	D	$33.25	12,751(1)(2)(3)(4)(5)	D
Common Stock	09/17/2025		S		466	D	$33.5	12,285(1)(2)(3)(4)(5)	D
Common Stock								3,047	I	By IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$22.25	09/17/2025		M			$7,500	12/16/2016	12/16/2025	Common Stock	7,500	$0	0	D
Stock Options	$22.12							02/16/2025	02/16/2034	Common Stock	4,980(8)		4,980(8)	D
Stock Options	$22.01							02/16/2024	02/16/2033	Common Stock	3,100(7)		3,100(7)	D
Stock Options	$26.25							02/16/2023	02/16/2032	Common Stock	4,400(6)		4,400(6)	D
Stock Options	$30.75							12/15/2018	12/15/2027	Common Stock	1,690		1,690	D
Stock Options	$26.45							12/16/2017	12/16/2026	Common Stock	2,110		2,110	D

Explanation of Responses:

1. Includes shares of restricted stock which vest at a rate of 20% per year commencing on December 14, 2021.

2. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2023.

3. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2024.

4. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2025.

5. Includes shares of restricted stock which vest at a rate of 20% per year commencing on February 16, 2026.

6. Stock options vest at a rate of 20% per year commencing on February 16, 2023.

7. Stock options vest at a rate of 20% per year commencing on February 16, 2024.

8. Stock options vest at a rate of 20% per year commencing on February 16, 2025.

	/s/ Matthew Lawrence, pursuant to power of attorney	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What trades did Jennifer L. George report on Form 4 for CBFV?

The Form 4 reports an option exercise/acquisition of 7,800 shares at $22.25 on 09/17/2025 and multiple sales totaling reductions in direct holdings executed the same day at prices from $33.00 to $33.50.

How many CBFV shares does the reporting person hold after the reported transactions?

After the reported transactions the filing shows 12,285 shares held directly and 3,047 shares held indirectly through an IRA.

Are there unvested awards or options disclosed in the filing?

Yes. The filing discloses restricted stock awards and stock options with staged vesting generally at 20% per year with various commencement dates and exercise prices ranging from $22.01 to $30.75.

Did the filing indicate who signed the Form 4?

Yes. The signature block shows the form was signed by /s/ Matthew Lawrence, pursuant to power of attorney on 09/18/2025.

Were the transactions reported timely on Form 4?

The Form 4 lists transaction dates of 09/17/2025 and a signing date of 09/18/2025, consistent with a timely Section 16 filing window as disclosed on the form.