**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

----

**FORM      10-QSB**

| x | QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|---|-----------------------------------------------------------------------------------------------------------------|

| o | TRANSITION                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|---|------------------------------------------------------------------------------------------------------------------|

----

** **
***000-51351***

****CB      F****
****INANCIAL****
****C****
****ORPORATION****

**(Exact      name of Small Business Issuer as Specified in its Charter)**

----

| **North                Carolina**                                                                                                                | **20-2928613**                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
| (State                or Other Jurisdiction of Incorporationor                Organization)                                                      | (I.R.S.                Employer Identification No.) |
|                                                                                                                                             |
| **3710                Nash Street North****Post                Office Box 8189 (Zip 27893)****Wilson,                North Carolina 27896-1120** |
| (Address                of principal executive offices)                                                                                          |

**(252)      243-5588**

----

|                        |                                                                                                                          |       | Page                No. |
|-----------------------------|-------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------|
|                        |                                                                                                                          |       |                    |
| **Part                I.**  | **FINANCIAL                INFORMATION**                                                                                      | ** ** | ** **              |
| ** **                  | ** **                                                                                                                    | ** ** | ** **              |
| **Item                1 -** | **Financial                Statements (Unaudited)**                                                                           |       |                    |
|                        |                                                                                                                          |       |                    |
|                        | Consolidated                Statements of Financial Condition                                                                 |       |                    |
|                        | September                30, 2007 and December 31, 2006                                                                       |       | 3                       |
|                        |                                                                                                                          |       |                    |
|                        | Consolidated                Statements of Operations                                                                          |       |                    |
|                        | Three                Months and Nine Months Ended September 30, 2007 and 2006                                                 |       | 4                       |
|                        |                                                                                                                          |       |                    |
|                        | Consolidated                Statements of Cash Flows                                                                          |       |                    |
|                        | Nine                Months Ended September 30, 2007 and 2006                                                                  |       | 5                       |
|                        |                                                                                                                          |       |                    |
|                        | Notes                to Consolidated Financial Statements                                                                     |       | 6                       |
|                        |                                                                                                                          |       |                    |
| **Item                2 -** | **Management’s                Discussion and Analysis of Financial Condition and Results of                Operations** |       | 11                      |
|                        |                                                                                                                          |       |                    |
| **Item                3 -** | **Controls                and Procedures**                                                                                    |       | 15                      |
|                        |                                                                                                                          |       |                    |
| **Part                II.** | **OTHER                INFORMATION**                                                                                          |       |                    |
|                        |                                                                                                                          |       |                    |
| **ITEM                1 -** | **LEGAL                PROCEEDINGS**                                                                                          |       | 16                      |
|                        |                                                                                                                          |       |                    |
| **Item                6 -** | **Exhibits**                                                                                                                  |       | 16                      |
|                        |                                                                                                                          |       |                    |
| **Signatures**              |                                                                                                                          | 18         |

*See        accompanying        notes.*

----

**Part      I. **
**FINANCIAL      INFORMATION**

**Item      1. **
**Financial      Statements**

***CB        FINANCIAL CORPORATION AND SUBSIDIARY***

***CONSOLIDATED        STATEMENTS OF FINANCIAL CONDITION***

|                                                                        |   | September                  30, 2007                                         |    | December                  31, 2006 * |   |
|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|---------|--------------------------------------|--------|
|                                                                        |   | (Unaudited)                                                                 |    |                                 |   |
|                                                                        |   | (Amounts                  in thousands, except                  share data) |    |
|                                                                        |   |                                                                             |    |                                 |   |
| **ASSETS**                                                                  |   |                                                                        |    |                                 |   |
| Cash                  and due from banks                                    |   | $                                                                           | 3,649   |                                 | $      | 4,321 |   |
| Interest-earning                  deposits in banks                         |   |                                                                        | 1,836   |                                 |   | 4,183 |   |
| Federal                  funds sold                                         |   |                                                                        | 8,285   |                                 |   | 5,879 |   |
| Time                  deposits                                              |   |                                                                        | 1,927   |                                 |   | 1,140 |   |
| Investment                  securities available for sale, at fair value    |   |                                                                        | 37,098  |                                 |   | 29,684 |   |
|                                                                        |   |                                                                        |    |                                 |   |   |   |
| Loans                                                                       |   |                                                                        | 128,580 |                                 |   | 120,619 |   |
| Allowance                  for loan losses                                  |   |                                                                        | (2,046  | )                                    |   | (1,687 | ) |
| NET                  LOANS                                                  |   |                                                                        | 126,534 |                                 |   | 118,932 |   |
|                                                                        |   |                                                                        |    |                                 |   |   |   |
| Accrued                  interest receivable                                |   |                                                                        | 947     |                                 |   | 887 |   |
| Stock                  in Federal Home Loan Bank of Atlanta, at cost        |   |                                                                        | 597     |                                 |   | 594 |   |
| Premises                  and equipment                                     |   |                                                                        | 2,229   |                                 |   | 2,312 |   |
| Bank-owned                  life insurance                                  |   |                                                                        | 4,489   |                                 |   | 1,390 |   |
| Real                  estate owned                                          |   |                                                                        | 1,103   |                                 |   | 452 |   |
| Other                  assets                                               |   |                                                                        | 1,677   |                                 |   | 1,384 |   |
|                                                                        |   |                                                                        |    |                                 |   |   |   |
| TOTAL                  ASSETS                                               |   | $                                                                           | 190,371 |                                 | $      | 171,158 |   |
|                                                                        |   |                                                                        |    |                                 |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**             |   |                                                                        |    |                                 |   |   |   |
| Deposits:                                                                   |   |                                                                        |    |                                 |   |   |   |
| Demand                                                                      |   | $                                                                           | 11,528  |                                 | $      | 11,896 |   |
| Savings                                                                     |   |                                                                        | 1,437   |                                 |   | 1,144 |   |
| Money                  market and NOW                                       |   |                                                                        | 37,857  |                                 |   | 35,825 |   |
| Time                                                                        |   |                                                                        | 114,781 |                                 |   | 98,546 |   |
|                                                                        |   |                                                                        |    |                                 |   |   |   |
| TOTAL                  DEPOSITS                                             |   |                                                                        | 165,603 |                                 |   | 147,411 |   |
|                                                                        |   |                                                                        |    |                                 |   |   |   |
| Long                  term borrowings                                       |   |                                                                        | 11,405  |                                 |   | 11,405 |   |
| Accrued                  interest payable                                   |   |                                                                        | 310     |                                 |   | 271 |   |
| Accrued                  expenses and other liabilities                     |   |                                                                        | 317     |                                 |   | 328 |   |
| TOTAL                  LIABILITIES                                          |   |                                                                        | 177,635 |                                 |   | 159,415 |   |
|                                                                        |   |                                                                        |    |                                 |   |   |   |
| Stockholders’                  equity:                                |   |                                                                        |    |                                 |   |   |   |
| Preferred                  stock, 20,000,000 shares authorized, none issued |   |                                                                        | -       |                                 |   | - |   |
| Common                  stock, no par value, 80,000,000 shares authorized;  |   |                                                                        |    |                                 |   |   |   |
| 1,070,208                  shares issued and outstanding                    |   |                                                                        | 10,607  |                                 |   | 10,586 |   |
| Retained                  earnings                                          |   |                                                                        | 2,164   |                                 |   | 1,212 |   |
| Accumulated                  other comprehensive loss                       |   |                                                                        | (35     | )                                    |   | (55 | ) |
| TOTAL                  STOCKHOLDERS’ EQUITY                           |   |                                                                        | 12,736  |                                 |   | 11,743 |   |
| TOTAL                  LIABILITIES AND                                      |   |                                                                        |    |                                 |   |   |   |
| STOCKHOLDERS’                  EQUITY                                 |   | $                                                                           | 190,371 |                                 | $      | 171,158 |   |

*See        accompanying        notes.*

----

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***CONSOLIDATED      STATEMENTS OF OPERATIONS (Unaudited)***

|                                                    |   | Three                  Months Ended                              |      | Nine                  Months Ended |   |
|---------------------------------------------------------|--------|------------------------------------------------------------------|-----------|------------------------------------|--------|
|                                                    |   | September                  30,                                   |      | September                  30,     |   |
|                                                    |   | 2007                                                             |      | 2006                               |   | 2007 |   | 2006 |   |
|                                                    |   | (In                  thousands, except share and per share data) |      |
| INTEREST                  INCOME                        |   |                                                             |      |                               |   |   |   |   |   |
| Loans                                                   |   | $                                                                | 2,772     |                               | $      | 2,468 |   | $ | 8,099 |   | $ | 7,075 |   |
| Investments                                             |   |                                                             | 408       |                               |   | 286 |   |   | 1,161 |   |   | 710 |   |
| Federal                  funds sold                     |   |                                                             | 117       |                               |   | 77 |   |   | 226 |   |   | 200 |   |
| Interest-earning                  bank deposits         |   |                                                             | 26        |                               |   | 11 |   |   | 108 |   |   | 97 |   |
| Other                  interest and dividends           |   |                                                             | 29        |                               |   | 82 |   |   | 70 |   |   | 203 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| TOTAL                  INTEREST INCOME                  |   |                                                             | 3,352     |                               |   | 2,924 |   |   | 9,664 |   |   | 8,285 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| INTEREST                  EXPENSE                       |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| Money                  market, NOW and savings deposits |   |                                                             | 285       |                               |   | 196 |   |   | 767 |   |   | 688 |   |
| Time                  deposits                          |   |                                                             | 1,414     |                               |   | 1,119 |   |   | 3,960 |   |   | 2,838 |   |
| Borrowings                                              |   |                                                             | 151       |                               |   | 153 |   |   | 454 |   |   | 445 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| TOTAL                  INTEREST EXPENSE                 |   |                                                             | 1,850     |                               |   | 1,468 |   |   | 5,181 |   |   | 3,971 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| NET                  INTEREST INCOME                    |   |                                                             | 1,502     |                               |   | 1,456 |   |   | 4,483 |   |   | 4,314 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| PROVISION                  FOR LOAN LOSSES              |   |                                                             | 17        |                               |   | 11 |   |   | 421 |   |   | 738 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| NET                  INTEREST INCOME AFTER              |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| PROVISION                  FOR LOAN LOSSES              |   |                                                             | 1,485     |                               |   | 1,145 |   |   | 4,062 |   |   | 3,576 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| NON-INTEREST                  INCOME                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| Service                  charges on deposit accounts    |   |                                                             | 142       |                               |   | 117 |   |   | 412 |   |   | 384 |   |
| Mortgage                  operations                    |   |                                                             | 80        |                               |   | 74 |   |   | 212 |   |   | 237 |   |
| Other                  income                           |   |                                                             | 86        |                               |   | 32 |   |   | 248 |   |   | 89 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| TOTAL                  NON-INTEREST INCOME              |   |                                                             | 308       |                               |   | 223 |   |   | 872 |   |   | 710 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| NON-INTEREST                  EXPENSE                   |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| Salaries                  and employee benefits         |   |                                                             | 718       |                               |   | 635 |   |   | 2,021 |   |   | 1,722 |   |
| Occupancy                  and equipment                |   |                                                             | 117       |                               |   | 85 |   |   | 308 |   |   | 274 |   |
| Data                  processing expenses               |   |                                                             | 151       |                               |   | 132 |   |   | 407 |   |   | 390 |   |
| Other                  (Note D)                         |   |                                                             | 320       |                               |   | 219 |   |   | 874 |   |   | 638 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| TOTAL                  NON-INTEREST EXPENSE             |   |                                                             | 1,306     |                               |   | 1,071 |   |   | 3,610 |   |   | 3,024 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| INCOME                  BEFORE INCOME TAXES             |   |                                                             | 487       |                               |   | 597 |   |   | 1,324 |   |   | 1,262 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| INCOME                  TAXES                           |   |                                                             | 127       |                               |   | 202 |   |   | 372 |   |   | 409 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| NET                  INCOME                             |   | $                                                                | 360       |                               | $      | 395 |   | $ | 952 |   | $ | 853 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| Net                  Income Per Common Share            |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| Basic                                                   |   | $                                                                | .34       |                               | $      | .37 |   | $ | .89 |   | $ | .80 |   |
| Diluted                                                 |   |                                                             | .32       |                               |   | .36 |   |   | .85 |   |   | .77 |   |
|                                                    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| Weighted                  Average Shares Outstanding    |   |                                                             |      |                               |   |   |   |   |   |   |   |   |   |
| Basic                                                   |   |                                                             | 1,070,169 |                               |   | 1,064,253 |   |   | 1,070,169 |   |   | 1,064,253 |   |
| Diluted                                                 |   |                                                             | 1,124,003 |                               |   | 1,106,008 |   |   | 1,122,107 |   |   | 1,102,347 |   |

*See      accompanying notes.*

----

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***CONSOLIDATED      STATEMENTS OF CASH FLOWS (Unaudited)***

|                                                                           |   | Nine                  Months Ended September                  30, _ |    |
|--------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|---------|
|                                                                           |   | 2007                                                                |    | 2006 |   |
|                                                                           |   | (In                  thousands)                                     |    |
| CASH                  FLOWS FROM OPERATING ACTIVITIES                          |   |                                                                |    |   |   |
| Net                  income                                                    |   | $                                                                   | 952     |   | $ | 853 |   |
| Adjustments                  to reconcile net income to net                    |   |                                                                |    |   |   |   |   |
| cash                  provided by operating activities:                        |   |                                                                |    |   |   |   |   |
| Depreciation                  and amortization                                 |   |                                                                | 90      |   |   | 122 |   |
| Stock                  based compensation expense                              |   |                                                                | 21      |   |   | 17 |   |
| Provision                  for loan losses                                     |   |                                                                | 421     |   |   | 738 |   |
| Provision                  for losses on real estate owned                     |   |                                                                | -       |   |   | 10 |   |
| Loss                  on sale of real estate owned                             |   |                                                                | 11      |   |   | 49 |   |
| Earnings                  on bank-owned life insurance                         |   |                                                                | (99     | ) |   | (39 | ) |
| Deferred                  income tax expense (benefit)                         |   |                                                                | 62      |   |   | - |   |
| Change                  in assets and liabilities:                             |   |                                                                |    |   |   |   |   |
| Increase                  in accrued interest receivable                       |   |                                                                | (60     | ) |   | (190 | ) |
| Increase                  in other assets                                      |   |                                                                | (367    | ) |   | (383 | ) |
| Increase                  in accrued interest payable                          |   |                                                                | 39      |   |   | 25 |   |
| Decrease                  in accrued expenses and other liabilities            |   |                                                                | (10     | ) |   | (63 | ) |
|                                                                           |   |                                                                |    |   |   |   |   |
| NET                  CASH PROVIDED BY                                          |   |                                                                |    |   |   |   |   |
| OPERATING                  ACTIVITIES                                          |   |                                                                | 1,085   |   |   | 1,139 |   |
|                                                                           |   |                                                                |    |   |   |   |   |
| CASH                  FLOWS FROM INVESTING ACTIVITIES                          |   |                                                                |    |   |   |   |   |
| Net                  maturities (purchases) of time deposits                   |   |                                                                | (787    | ) |   | 4,313 |   |
| Purchase                  of available-for-sale investments                    |   |                                                                | (11,522 | ) |   | (11,442 | ) |
| Maturities,                  sales and calls of available for sale investments |   |                                                                | 4,150   |   |   | 3,123 |   |
| Purchase                  of bank owned life insurance                         |   |                                                                | (3,000  | ) |   | - |   |
| Net                  increase in loans                                         |   |                                                                | (8,818  | ) |   | (2,711 | ) |
| Net                  proceeds from sale of real estate owned                   |   |                                                                | 133     |   |   | 282 |   |
| Purchase                  of Federal Home Loan Bank stock                      |   |                                                                | (3      | ) |   | (65 | ) |
| Purchases                  of bank premises and equipment                      |   |                                                                | (18     | ) |   | (678 | ) |
|                                                                           |   |                                                                |    |   |   |   |   |
| NET                  CASH USED BY                                              |   |                                                                |    |   |   |   |   |
| INVESTING                  ACTIVITIES                                          |   |                                                                | (19,890 | ) |   | (7,178 | ) |
|                                                                           |   |                                                                |    |   |   |   |   |
| CASH                  FLOWS FROM FINANCING ACTIVITIES                          |   |                                                                |    |   |   |   |   |
| Increase                  in deposits                                          |   |                                                                | 18,192  |   |   | 14,131 |   |
| Decrease                  in Federal Home Loan Bank advances                   |   |                                                                | -       |   |   | (83 | ) |
| Cash                  dividends paid for fractional shares                     |   |                                                                | -       |   |   | (12 | ) |
| Net                  repayments of short term borrowings                       |   |                                                                | -       |   |   | (1,055 | ) |
|                                                                           |   |                                                                |    |   |   |   |   |
| NET                  CASH PROVIDED BY                                          |   |                                                                |    |   |   |   |   |
| FINANCING                  ACTIVITIES                                          |   |                                                                | 18,192  |   |   | 12,981 |   |
|                                                                           |   |                                                                |    |   |   |   |   |
| NET                  INCREASE (DECREASE) IN                                    |   |                                                                |    |   |   |   |   |
| CASH                  AND CASH EQUIVALENTS                                     |   |                                                                | (613    | ) |   | 6,942 |   |
|                                                                           |   |                                                                |    |   |   |   |   |
| CASH                  AND CASH EQUIVALENTS, BEGINNING                          |   |                                                                | 14,383  |   |   | 9,510 |   |
|                                                                           |   |                                                                |    |   |   |   |   |
| CASH                  AND CASH EQUIVALENTS, ENDING                             |   | $                                                                   | 13,770  |   | $ | 16,452 |   |
|                                                                           |   |                                                                |    |   |   |   |   |
| *SUPPLEMENTAL                  DISCLOSURES OF CASH FLOW INFORMATION*           |   |                                                                |    |   |   |   |   |
| Interest                  paid                                                 |   | $                                                                   | 5,142   |   | $ | 3,946 |   |
| Income                  taxes paid                                             |   |                                                                | 599     |   |   | 779 |   |
| Transfers                  of loans to Real Estate Owned                       |   |                                                                | 795     |   |   | - |   |

----

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS***

***NOTE      A - BASIS OF PRESENTATION***

***Cash      and Cash Equivalents***

***NOTE      B - STOCK BASED COMPENSATION***

----

***CB        FINANCIAL CORPORATION AND SUBSIDIARY***

***NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS***

***Employee      Stock Purchase Plan***

----

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS***

***NOTE      C - LOANS***

|                                                              |   | Nine                  Months Ended      |   |
|-------------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                              |   | September                  30           |   |
|                                                              |   | 2007                                    |   | 2006 |   |
|                                                              |   | (Dollars                  in thousands) |   |
|                                                              |   |                                    |   |   |   |
| Allowance                  for loan losses at beginning of period |   | $                                       | 1,687  |   | $ | 1,775 |   |
| Provision                  for loan losses                        |   |                                    | 421    |   |   | 738 |   |
| Loans                  charged-off                                |   |                                    | (128   | ) |   | (1,126 | ) |
| Recoveries                                                        |   |                                    | 66     |   |   | 257 |   |
|                                                              |   |                                    |   |   |   |   |   |
| Allowance                  for loan losses at end of period       |   | $                                       | 2,046  |   | $ | 1,644 |   |
|                                                              |   |                                    |   |   |   |   |   |
| Allowance                  for loan losses as a percent of loans  |   |                                    |   |   |   |   |   |
| at                  period end                                    |   |                                    | 1.59   | % |   | 1.42 | % |

***NOTE      D - OTHER NON-INTEREST EXPENSE***

|                                                   |   | Three                  Months EndedSeptember                  30, |   | Nine                  Months EndedSeptember                  30, |   |
|--------------------------------------------------------|--------|-------------------------------------------------------------------|--------|------------------------------------------------------------------|--------|
|                                                   |   | 2007                                                              |   | 2006                                                             |   | 2007 |   | 2006 |   |
|                                                   |   | (Dollars                  in thousands)                           |   |
|                                                   |   |                                                              |   |                                                             |   |   |   |   |   |
| Postage,                  printing and office supplies |   | $                                                                 | 23     |                                                             | $      | 24 |   | $ | 71 |   | $ | 74 |   |
| Advertising                  and promotion             |   |                                                              | 30     |                                                             |   | 26 |   |   | 102 |   |   | 91 |   |
| Professional                  services                 |   |                                                              | 106    |                                                             |   | 49 |   |   | 261 |   |   | 156 |   |
| Other                                                  |   |                                                              | 161    |                                                             |   | 120 |   |   | 440 |   |   | 317 |   |
|                                                   |   |                                                              |   |                                                             |   |   |   |   |   |   |   |   |   |
| Total                                                  |   | $                                                                 | 320    |                                                             | $      | 219 |   | $ | 874 |   | $ | 638 |   |

*See        accompanying notes *

----

***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS***

***NOTE      E - COMPREHENSIVE INCOME (LOSS)***

|                                                  |   | Three                  Months Ended     |   | Nine                  Months Ended |   |
|-------------------------------------------------------|--------|-----------------------------------------|--------|------------------------------------|--------|
|                                                  |   | September                  30,          |   | September                  30,     |   |
|                                                  |   | 2007                                    |   | 2006                               |   | 2007 |   | 2006 |   |
|                                                  |   | (Dollars                  in thousands) |   |
|                                                  |   |                                    |   |                               |   |   |   |   |   |
| Net                  income                           |   | $                                       | 360    |                               | $      | 395 |   | $ | 952 |   | $ | 853 |   |
|                                                  |   |                                    |   |                               |   |   |   |   |   |   |   |   |   |
| Other                  comprehensive income (loss):   |   |                                    |   |                               |   |   |   |   |   |   |   |   |   |
| Net                  decrease in the                  |   |                                    |   |                               |   |   |   |   |   |   |   |   |   |
| fair                  value of investment securities  |   |                                    |   |                               |   |   |   |   |   |   |   |   |   |
| available                  for sale, net of tax       |   |                                    | 37     |                               |   | 91 |   |   | 19 |   |   | 90 |   |
| Decrease                  from transfer of securities |   |                                    |   |                               |   |   |   |   |   |   |   |   |   |
| held                  to maturity to available for    |   |                                    |   |                               |   |   |   |   |   |   |   |   |   |
| sale                                                  |   |                                    | -      |                               |   | - |   |   | - |   |   | (82 | ) |
|                                                  |   |                                    |   |                               |   |   |   |   |   |   |   |   |   |
| Total                  comprehensive income           |   | $                                       | 397    |                               | $      | 486 |   | $ | 971 |   | $ | 861 |   |

***NOTE      F - PER SHARE RESULTS***

|                                                  |   | Three                  Months Ended |      | Nine                  Months Ended |   |
|-------------------------------------------------------|--------|-------------------------------------|-----------|------------------------------------|--------|
|                                                  |   | September                  30,      |      | September                  30,     |   |
|                                                  |   | 2007                                |      | 2006                               |   | 2007 |   | 2006 |   |
|                                                  |   |                                |      |                               |   |   |   |   |   |
| Weighted                  average outstanding         |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| shares                  used for basic EPS            |   |                                | 1,070,169 |                               |   | 1,064,253 |   |   | 1,070,169 |   |   | 1,064,253 |   |
|                                                  |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Plus                  incremental shares from         |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| assumed                  exercise of:                 |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Stock                  options                        |   |                                | 52,214    |                               |   | 40,010 |   |   | 50,524 |   |   | 36,691 |   |
| Employee                  stock purchase plan options |   |                                | 1,621     |                               |   | 1,745 |   |   | 1,414 |   |   | 1,403 |   |
|                                                  |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| Weighted                  average outstanding         |   |                                |      |                               |   |   |   |   |   |   |   |   |   |
| shares                  used for diluted EPS          |   |                                | 1,124,003 |                               |   | 1,106,008 |   |   | 1,122,107 |   |   | 1,102,347 |   |

*See        accompanying notes *

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***CB      FINANCIAL CORPORATION AND SUBSIDIARY***

***NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS***

***NOTE      F - PER SHARE RESULTS (CONTINUED)***

*Stock      Dividend*

***NOTE      G - RECLASSIFICATIONS***

*.*

***NOTE      H - SUBSEQUENT EVENT***

*** ***

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**Item      2. **
**Management’s      Discussion and Analysis of Financial Condition and Results of **
**Operations**

***FINANCIAL      CONDITION AT***

***September      30, 2007 and December 31, 2006***

***RESULTS      OF OPERATIONS FOR THE THREE MONTHS ENDED***

***September      30, 2007 and 2006***

*Overview.*
** **

*Net      Interest Income.*
** **

----

*Provision      for Loan Losses.*

*Non-Interest      Income.*

*Non-Interest      Expenses.*

*Income      Taxes.*

***RESULTS      OF OPERATIONS FOR THE NINE MONTHS ENDED***

***September      30, 2007 and 2006***

*Net      Income*
**.      **

----

*Net      Interest Income.*
* *

*Provision      for Loan Losses.*

*Non-Interest      Income.*

*Non-Interest      Expenses.*

----

*Income      Taxes.*

***LIQUIDITY***

***CAPITAL***

***FORWARD-LOOKING      INFORMATION***

----

**Item      3. Controls and Procedures**

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**Part      II.**
**OTHER      INFORMATION**

**Item      1. **
**Legal      Proceedings.**

**Item      6.**
**Exhibits      **

| Exhibit                Name   |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit                (2)    |   | Articles                of Share Exchange and Agreement and Plan of Reorganization dated                May 26,                2005, incorporated herein by reference to Exhibit (2) to the Form                8-K                filed with the SEC on September 10, 2005                                                                                                                                                       |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                3(i)   |   | Articles                of Incorporation, incorporated herein by reference to Exhibit 3(i)                to the                Form 8-K filed with the SEC on September 10, 2005                                                                                                                                                                                                                                                 |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                3(ii)  |   | Bylaws,                incorporated herein by reference to Exhibit 3(ii) to the Form 8-K                filed                with the SEC on September 10, 2005                                                                                                                                                                                                                                                                   |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                4(i)   |   | Specimen                Stock Certificate, incorporated herein by reference to Exhibit 4                to the                Form 8-K filed with the SEC on September 10, 2005                                                                                                                                                                                                                                                   |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                4(ii)  |   | Indenture                dated July 12, 2005 between the Company and U.S. Bank National                Association, as trustee, incorporated herein by reference to Exhibit                4(i)                to the Form 8-K filed with the SEC on July 15, 2005                                                                                                                                                                |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                4(iii) |   | Amended                and Restated Declaration of Trust dated July 12, 2005 by and among                the                Company, as sponsor, U.S. Bank National Association, as institutional                trustee, and the Administrators named therein, incorporated herein                by                reference to Exhibit 4(ii) to the Form 8-K filed with the SEC on                July 15,                2005 |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                4(iv)  |   | Form                of Junior Subordinated Debenture (included as an exhibit to Exhibit                4(ii)                above), incorporated herein by reference to Exhibit 4(iii) to the                Form 8-K                filed with the SEC on July 15, 2005                                                                                                                                                          |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                4(v)   |   | Form                of Capital Security Certificate (included as an exhibit to Exhibit                4(iii)                above), incorporated herein by reference to Exhibit 4(iv) to the                Form 8-K                filed with the SEC on July 15, 2005                                                                                                                                                           |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                4(vi)  |   | Guarantee                Agreement dated July 12, 2005 between the Company and U.S. Bank National                Association, incorporated herein by reference to Exhibit 4(v) to                the Form                8-K filed with the SEC on July 15, 2005                                                                                                                                                                  |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                10(i)  |   |  Amended                and Restated Employment Agreement with Norman B. Osborn, incorporated                herein by reference to Exhibit 99.1 to the Form 8-K filed with the                SEC on                September 10, 2007                                                                                                                                                                                      |
|                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exhibit                10(ii) |   | Supplemental                Executive Retirement Plan Agreement with Norman B. Osborn, incorporated                herein by reference to Exhibit 99.2 to the Form 8-K filed with the                SEC on                September 10, 2007                                                                                                                                                                                     |

----

| Exhibit                10(iii)  |   | Life                Insurance Split Dollar Plan Agreement with Norman B. Osborn, incorporated                herein by reference to Exhibit 99.3 to the Form 8-K filed with the                SEC on                September 10, 2007                                                                                               |
|---------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                10(iv)   |   | Director                Stock Option Plan, incorporated herein by reference to Exhibit 10(v)                to                the Form 10-SB of Cornerstone Bank filed with the FDIC on April 30,                2001                                                                                                                 |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                10(v)    |   | Employee                Stock Option Plan, incorporated herein by reference to Exhibit 10(vi)                to                the Form 10-SB of Cornerstone Bank filed with the FDIC on April 30,                2001                                                                                                                |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                10(vi)   |   | Cornerstone                Bank 2005 Employee Incentive Compensation Plan, incorporated by reference                to Exhibit 10(vii) to the Form 10-KSB of Cornerstone Bank filed with                the                FDIC on March 29, 2005                                                                                     |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                10(vii)  |   | Cornerstone                Bank 2005 Management Team Incentive Compensation Plan, incorporated                by                reference to Exhibit 10(viii) to the Form 10-KSB of Cornerstone Bank                filed                with the FDIC on March 29, 2005                                                              |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                10(viii) |   | Cornerstone                Bank 2005 Chief Executive Officer Incentive Compensation Plan,                incorporated by reference to Exhibit 10(ix) to the Form 10-KSB of                Cornerstone Bank filed with the FDIC on March 29, 2005                                                                                      |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                10(ix)   |   | Lease                Agreement dated September 2, 2005 by and between CB Financial Corporation                and Cornerstone Bank, as lessee, and H/C Wilson, Inc., as lessor,                incorporated herein by reference to Exhibit 10.1 to the Form 8-K                filed                with the SEC on September 9, 2005 |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                11       |   | Statement                Regarding Computation of Per Share Earnings                                                                                                                                                                                                                                                                  |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                31.1     |   | Certification                of Norman B. Osborn                                                                                                                                                                                                                                                                                      |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                31.2     |   | Certification                of Dora Kicklighter                                                                                                                                                                                                                                                                                      |
|                            |   |                                                                                                                                                                                                                                                                                                                                  |
| Exhibit                32       |   | Certification                of Periodic Financial Report Pursuant to                18 U.S.C. § 1350                                                                                                                                                                                                             |

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**SIGNATURES**

|                                |                                                                                |                                         |
|-------------------------------------|-------------------------------------------------------------------------------------|----------------------------------------------|
|                                | **CB                FINANCIAL CORPORATION**                                         |
|                           |                                                                           |                                    |
| Date:              November 9, 2007 | By:                                                                       | /s/ Norman              B. Osborn  |
|                                | Norman                B. OsbornPresident                and Chief Executive Officer |

|                                |                                                                       |                                   |
|-------------------------------------|----------------------------------------------------------------------------|----------------------------------------|
| Date:              November 9, 2007 | By:                                                              | /s/ Dora              Kicklighter |
|                                | Dora                KicklighterPrincipal                Accounting Officer |

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