CLEARFIELD – Following the annual meetings of CNB Financial Corp. and CNB Bank on Thursday, CNB Financial Corp. announced that its shareholders re-elected Class 1 directors Peter F. Smith, William F. Falger, Jeffrey S. Powell, James B. Ryan, Francis X. Straub III and Peter C. Varischetti, each for a three-year term expiring at the 2020 annual meeting, or their 70th birthday, whichever occurs first.
The following corporation directors retained their positions but were not standing for election this year: Joseph B. Bower Jr., Robert W. Montler, Joel E. Peterson, Richard B. Seager, Richard L. Greslick Jr., Dennis L. Merrey, Deborah Dick Pontzer and Nicholas N. Scott.
In addition to the election of directors, shareholders ratified the appointment of CNB Financial Corp.’s independent auditors, Crowe Horwath LLP, for the year ending Dec. 31, 2017 and approved on an advisory basis the corporation’s compensation program for its named executive officers.
Shareholders also approved a proposal to amend the corporation’s bylaws to implement a majority vote standard for the election of directors in uncontested elections, while retaining a plurality vote standard in contested elections.
Smith, chairman, conducted the meeting and welcomed the shareholders present. Smith then introduced Bower, president and chief executive officer of CNB Financial Corp. and CNB Bank, to address the shareholders.
Bower presented a timeline of CNB Financial Corp., including the initiatives completed in 2016 to acquire Lake National Bank in Mentor, Ohio, the formation of Bank on Buffalo and the issuance of subordinated debt totaling $50 million.
Bower then provided an overview of the corporation’s vision and its five pillars of success – leadership in local communities, make customer experience a main focus, employee development, a consistent approach to growth and a solid foundation of technology.
Bower continued by outlining the corporation’s history of profitable growth, the infrastructure that the corporation has built to facilitate future growth and the corporation’s asset quality and regulatory capital trends for each of the last six years.
Bower concluded his remarks by describing the corporation’s financial performance for the first quarter of 2017, which included net income of $6.5 million and earnings per share of $0.43.
Lastly, Smith shared the board’s gratitude for Merrey’s years of service as board chairman of CNB Financial Corp. and CNB Bank.
Inquiries regarding Investor Relations of CNB Financial Corp. stock (CCNE) will be answered by phoning 814-765-9621.
CNB Financial Corp. is a financial holding company with consolidated assets of approximately $2.6 billion that conducts business primarily through CNB Bank, CNB Financial Corp.’s principal subsidiary.
CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental and institutional customers.
CNB Bank operations include a private banking division, one loan production office, 33 full-service offices in Pennsylvania and northeast Ohio, including ERIEBANK, a division of CNB Bank, nine full-service offices in central Ohio conducting business as FCBank, a division of CNB Bank and a full-service office in Buffalo, New York conducting business as Bank on Buffalo, a division of CNB Bank.
More information about CNB Financial Corp. and CNB Bank may be found on the Internet at www.cnbbank.bank.
