UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
April 17, 2018
CNB FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)
Pennsylvania | 000-13396 | 25-1450605 | ||
(State or other jurisdiction of incorporation) |
(Commission File No.) |
(IRS Employer Identification Number) |
1 South Second Street
PO Box 42
Clearfield, Pennsylvania 16830
(Address of principal executive offices)
Registrants telephone number, including area code: (814) 765-9621
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.07. | Submission of Matters to a Vote of Security Holders |
CNB Financial Corporation (the Corporation) held its Annual Meeting of Shareholders on April 17, 2018 for the purpose of: (i) selecting four Class 3 directors, (ii) voting on a non-binding advisory resolution on the Corporations compensation program for its named executive officers, (iii) ratifying the appointment of independent auditors, and (iv) transacting such other business as would properly come before the meeting.
Results of the shareholder voting on the class 3 directors were as follows:
Joseph B. | Robert W. | Joel E | Richard B. | |||||||||||||
Bower, Jr. | Montler | Peterson | Seager | |||||||||||||
For |
9,060,313 | 8,969,388 | 9,077,576 | 9,000,701 | ||||||||||||
Against |
288,442 | 363,293 | 270,975 | 320,199 | ||||||||||||
Abstentions |
238,937 | 255,011 | 239,141 | 266,792 | ||||||||||||
Broker Non-Votes |
1,524,742 | 1,524,742 | 1,524,742 | 1,524,742 |
Results of the advisory vote on executive compensation were as follows:
For |
9,165,900 | |||
Against |
319,730 | |||
Abstentions |
102,062 | |||
Broker Non-Votes |
1,524,742 |
Results of the ratification of Crowe Horwath LLP as independent auditors were as follows:
For |
10,929,835 | |||
Against |
105,831 | |||
Abstentions |
76,768 | |||
Broker Non-Votes |
|
The total shares voted at the annual meeting were 11,112,434.
The Corporations press release regarding the results of the Annual Meeting is filed as Exhibit 99.1 herewith and is incorporated by reference herein.
Item 8.01. | Other Events |
CNB Financial Corporation shareholders and CNB Bank each held separate annual meetings on April 17, 2018.
Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits: Exhibit 99.1 News Release announcing annual meeting
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
CNB Financial Corporation | ||||||
Date: April 18, 2018 | By: | /s/ Brian W. Wingard | ||||
Brian W. Wingard | ||||||
Treasurer |
Exhibit 99.1
News Release
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Contact: | Richard L. Greslick, Jr. Secretary (814) 765-9621 |
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FOR IMMEDIATE RELEASE |
CNB FINANCIAL CORPORATION HOLDS ANNUAL MEETING
Clearfield, Pennsylvania - April 17, 2018
Following the annual meetings of CNB Financial Corporation [Nasdaq:CCNE] and CNB Bank today, CNB Financial Corporation announced that its shareholders re-elected Class 3 directors Joseph B. Bower, Jr., Robert W. Montler, Joel E. Peterson, and Richard B. Seager each for a three-year term expiring at the 2021 annual meeting.
The following Corporation directors retained their positions but were not standing for election this year: Peter F. Smith, Jeffrey S. Powell, Francis X. Straub, III, Peter C. Varischetti, 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 Corporations independent auditors, Crowe Horwath LLP, for the year ending December 31, 2018 and approved on an advisory basis the Corporations compensation program for its named executive officers.
Chairman Peter F. Smith conducted the meeting and welcomed the shareholders present. Mr. Smith then introduced Mr. Joseph B. Bower, Jr., President & Chief Executive Officer of CNB Financial Corporation and CNB Bank and Mr. Brian W. Wingard, Executive Vice President/Chief Financial Officer of CNB Bank and Treasurer of CNB Financial Corporation to address the shareholders. Mr. Wingard presented a summary of the Corporations 2017 financial performance, including its net income, earnings per share, return on average assets and return on average equity. Mr. Wingard also discussed the Corporations stable net interest margin from 2014 through 2017, as well as the Corporations capital position.
Mr. Bower then presented an overview of the Corporations three strategic principles that will result in the Corporations ongoing ability to produce significant rewards. The first principal is to be the source of exceptional experiences, which comprises both customer experiences and employee experiences. The second principal is to foster an environment of leadership, which is a philosophy that embraces leadership in local communities, leadership in the financial services industry, and leadership within the Corporation. The third principal is to position the Corporation for long-term growth, which includes a solid foundation of technology, continued integration into the communities that the Corporation serves, and a focus on developing asset growth through growth in core deposits. The Corporations long-term growth strategy also includes an emphasis on maximizing the potential of the existing branch office network and continually researching new markets and franchises to provide for future expansion.
Mr. Bower next presented an overview of the 2017 significant events that occurred in CNB Bank and each of CNB Banks community banking divisions ERIEBANK, FCBank, and BankOnBuffalo. Mr. Bower then summarized the Corporations financial performance for the first quarter of 2018, which included net income of $7.1 million and earnings per share of $0.46. Mr. Smith concluded the meeting with a special thank you to retired board members Mr. William F. Falger and Mr. James B. Ryan, noting the positive impact both have had on the Corporation.
Inquiries regarding Investor Relations of CNB Financial Corporation stock (CCNE) will be answered by phoning (814) 765-9621.
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $2.9 billion that conducts business primarily through CNB Bank, CNB Financial Corporations 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, and 41 full-service offices in Pennsylvania, Ohio, and New York. CNB Banks divisions include ERIEBANK, based in Erie, Pennsylvania with offices in northwest Pennsylvania and northeast Ohio; FCBank, based in Worthington, Ohio with offices in central Ohio; and BankOnBuffalo, based in Buffalo, New York with offices in northwest New York. CNB Bank is headquartered in Clearfield, Pennsylvania with offices in central and north central Pennsylvania. More information about CNB Financial Corporation and CNB Bank may be found on the Internet at www.cnbbank.bank.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond CNBs control). Forward-looking statements often include the words believes, expects, anticipates, estimates, forecasts, intends, plans, targets, potentially, probably, projects, outlook or similar expressions or future conditional verbs such as may, will, should, would and could. CNBs actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of and forward-looking statement disclaimers in CNBs annual and quarterly reports.
The forward-looking statements are based upon managements beliefs and assumptions and are made as of the date of this press release. CNB undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.