-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PvGxCXZK+0BAPXcOBPYqCy9jvFyAiCa7v6RQkXVELOgv6AODW1XtZNENmJcN1REz 0Qdj7knFnnDZ4wa2L6byOg== 0000950152-09-000442.txt : 20090121 0000950152-09-000442.hdr.sgml : 20090121 20090121162209 ACCESSION NUMBER: 0000950152-09-000442 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090115 ITEM INFORMATION: Material Impairments FILED AS OF DATE: 20090121 DATE AS OF CHANGE: 20090121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNB CORP /MI/ CENTRAL INDEX KEY: 0000779125 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 362662386 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-00737 FILM NUMBER: 09536872 BUSINESS ADDRESS: STREET 1: PO BOX 10 CITY: CHEBOYGAN STATE: MI ZIP: 49721 BUSINESS PHONE: 6166277111 MAIL ADDRESS: STREET 1: P O BOX 10 CITY: CHEBOYGAN STATE: MI ZIP: 49721 8-K 1 k47323e8vk.txt FORM 8-K 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 January 15, 2009 Date of Report (Date of earliest event reported) CNB CORPORATION (Exact name of registrant as specified in its charter) Michigan 033-00737 38-2662386 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) file number) Identification No.)
303 North Main Street, Cheboygan MI 49721 (Address of principal executive offices, including Zip Code) (231) 627-7111 (Registrant's telephone number, including area code) NO CHANGE (Former name or former address, if changed since last report) 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)) ITEM 2.06. Material Impairments On January 15, 2009, Citizens National Bank of Cheboygan (the Bank), a subsidiary of CNB Corporation (the Company) recorded a pre-tax charge in the amount of $5.3 million in the fourth quarter of 2008 as a result of recognizing an additional impairment related to an "other-than-temporary" decline in the fair market value of its auction rate securities investments. This additional impairment is due to the overall credit crisis, deterioration within the financial markets and lack of a market for auction rate securities. Including charges incurred in previous quarters, this brings the aggregate charge for impairment of available-for-sale securities to $7.1 million for the Bank's full year 2008. The face value of the auction rate securities investments is $11.9 million at December 31, 2008. This charge, as well as future similar charges for impairments of auction rate securities investments, if any, would be reported as non-operating expenses by the Company. The Bank's capital ratios remain above the "well capitalized" regulatory minimums after recognition of the impairment. SIGNATURES 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 hereunto duly authorized. CNB Corporation (Registrant) /s/ Susan A. Eno ---------------------------------------- Susan A. Eno President and Chief Executive Officer Dated: January 21, 2009 -----END PRIVACY-ENHANCED MESSAGE-----