CNB Financial Corporation Holds Annual Meeting

Apr 17, 2001, 01:00 ET from CNB Financial Corporation

    CLEARFIELD, Pa., April 17 /PRNewswire/ --
 CNB Financial Corporation (Nasdaq:   CCNE) shareholders and County National Bank
 each held separate annual meetings on April 17, 2001.
     In the CNB Financial Corporation meeting, four incumbent directors were
 re-seated for a term of three years.  They were: William A. Franson, Richard
 D. Gathagan, Dennis L. Merrey and William R. Owens.  These directors were
 elected to serve the board until the Annual Meeting in the year 2004.
     The following ten Corporation directors retained their positions but were
 not standing for election this year: Robert E. Brown, William F. Falger, James
 J. Leitzinger, James P. Moore, Robert C. Penoyer, Jeffrey S. Powell, James B.
 Ryan, Peter F. Smith and Joseph L. Waroquier, Sr.
     Chairman, William R. Owens, conducted the meeting.  He called upon William
 F. Falger, President and Chief Executive Officer of CNB Financial Corporation
 and County National Bank, to address the shareholders.  Mr. Falger focused the
 audience's attention on a presentation that featured year 2000 results and
 2001 projections on the firm's growth patterns, earnings per share and
 resulting dividends.
     Mr. Falger offered his comments regarding the performance of the Bank
 since the last Annual Shareholder's Meeting in 2000 and the objectives for the
 remainder of 2001, stating that the primary focus has been to improve
 productivity and efficiency through streamlining of Bank functions and
 communications, and to maximize profitability and asset growth.  The
 Corporation had $2.8 million in assets per employee as of the end of the first
 quarter of 2001 versus $2.3 million at the same time last year, an improvement
 of 22%.
     In addition, Earnings Per Share (EPS) grew 18.4% from $1.25 in 1999 to
 $1.48 in 2000 while assets declined by 1% during the same time period.  In
 2000, the Corporation's continuing focus on income resulted in net interest
 income of $20.8 million and non-interest income of $4.5 million, improvements
 of 11.3% over the previous year.  Operating expense was reduced to 2.63% in
 2000 from 2.77% in 1999.
     Other successful events during the past year include the introduction of
 Personal ebanking, County National Bank's Internet banking product, and the
 construction of a full service banking facility in Punxsutawney, which was
 completed in October.
     During 2001, Mr. Falger stated that the emphasis is on increasing number
 of households served within the Bank's current market area.  A redesigned
 checking product line coupled with aggressive marketing efforts is anticipated
 to significantly increase the number of checking accounts over the next
 12 months.  Other areas of concentration are to continue to grow non-interest
 income, maintain strong credit quality and take advantage of expansion and
 acquisition opportunities.
     In the corporation's reorganizational meeting, the following corporation
 officers were named:  William F. Falger, President and Chief Executive
 Officer; William A. Franson, Secretary; Joseph B. Bower, Jr., Treasurer; and
 Donald E. Shawley, Assistant Secretary.  Peter F. Smith was retained as
 counsel.
     The County National Bank annual meeting then followed with the thirteen
 incumbent bank directors re-elected for the ensuing year.  They are Robert E.
 Brown, William F. Falger, William A. Franson, Richard D. Gathagan, James J.
 Leitzinger, Dennis L. Merrey, James P. Moore, William R. Owens, Robert C.
 Penoyer, Jeffrey S. Powell, James B. Ryan, Peter F. Smith, and Joseph L.
 Waroquier, Sr.
     Following that re-election process, the following banking officers were
 appointed for the forthcoming year:  Mr. Falger, President and Chief Executive
 Officer; Mr. Franson, Executive Vice President, Cashier and Chief Operating
 Officer; Mr. Bower, Senior Vice President and Chief Financial Officer; Donald
 E. Shawley, Senior Vice President and Senior Trust Officer; and Mark D.
 Breakey, Senior Vice President and Senior Loan Officer.
     Robin L. Hay, Jeffrey A. Herr, Stanley G. Kaizer, William J. Mills, Duane
 P. Shifter, Richard L. Sloppy, Charles L. Veronesi, Joseph H. Yaros, Vice
 Presidents/Community Banking; Mary Ann Conaway, Vice President/Human
 Resources; Jacqueline A. Hynd, Vice President/Office Administration; Helen G.
 Kolar, Vice President/Marketing & Sales; Edward H. Proud, Vice President/
 Information Systems; Christopher L. Stott, Vice President/Mortgage Lending;
 Calvin R. Thomas, Jr., Vice President/Trust Officer; Mary A. Baker, Rachel E.
 Larson, David W. Ogden, Rodger L. Read, Ruth Anne Ryan, Beatrice H. Wittman
 and Deborah M. Young, Assistant Vice Presidents; Kathy J. McKinney, Francine
 M. Papa, Jo Ellen Potter, S. Jean Sankey, Jennifer A. Smith, Steven C. Tunall,
 Gregory R. Williams and Harold A. Wilson, Jr., Community Office Managers;
 Denise J. Greene, Paul A. McDermott, Larry A. Putt, and Brenda L. Terry,
 Banking Officers; Thomas J. Ammerman, Jr., Bank Security Officer; Richard L.
 Bannon, Credit Administration Officer; Donna J. Collins, Compliance Officer;
 Lisa A. Fredette, Trust Officer; Susan B. Kurtz, Customer Service Officer;
 Duane B. Luzier, Network Administration Officer; C. Glenn Myers, Assistant
 Financial Officer and Controller; Christopher N. Norris, Collection Officer;
 Andrew J. Woolridge, Investment Officer; and Eunice M. Peters and Vickie
 Pingie, Assistant Trust Officers.
     Inquiries regarding CNB Financial Corporation stock (CCNE) can be answered
 by phoning 814-765-9621.
     County National Bank is the primary subsidiary of CNB Financial
 Corporation and has twenty community offices in Cambria, Clearfield, Centre,
 Elk, Jefferson and McKean counties.
     County National Bank's website is http://www.bankcnb.com.
 
 

SOURCE CNB Financial Corporation
    CLEARFIELD, Pa., April 17 /PRNewswire/ --
 CNB Financial Corporation (Nasdaq:   CCNE) shareholders and County National Bank
 each held separate annual meetings on April 17, 2001.
     In the CNB Financial Corporation meeting, four incumbent directors were
 re-seated for a term of three years.  They were: William A. Franson, Richard
 D. Gathagan, Dennis L. Merrey and William R. Owens.  These directors were
 elected to serve the board until the Annual Meeting in the year 2004.
     The following ten Corporation directors retained their positions but were
 not standing for election this year: Robert E. Brown, William F. Falger, James
 J. Leitzinger, James P. Moore, Robert C. Penoyer, Jeffrey S. Powell, James B.
 Ryan, Peter F. Smith and Joseph L. Waroquier, Sr.
     Chairman, William R. Owens, conducted the meeting.  He called upon William
 F. Falger, President and Chief Executive Officer of CNB Financial Corporation
 and County National Bank, to address the shareholders.  Mr. Falger focused the
 audience's attention on a presentation that featured year 2000 results and
 2001 projections on the firm's growth patterns, earnings per share and
 resulting dividends.
     Mr. Falger offered his comments regarding the performance of the Bank
 since the last Annual Shareholder's Meeting in 2000 and the objectives for the
 remainder of 2001, stating that the primary focus has been to improve
 productivity and efficiency through streamlining of Bank functions and
 communications, and to maximize profitability and asset growth.  The
 Corporation had $2.8 million in assets per employee as of the end of the first
 quarter of 2001 versus $2.3 million at the same time last year, an improvement
 of 22%.
     In addition, Earnings Per Share (EPS) grew 18.4% from $1.25 in 1999 to
 $1.48 in 2000 while assets declined by 1% during the same time period.  In
 2000, the Corporation's continuing focus on income resulted in net interest
 income of $20.8 million and non-interest income of $4.5 million, improvements
 of 11.3% over the previous year.  Operating expense was reduced to 2.63% in
 2000 from 2.77% in 1999.
     Other successful events during the past year include the introduction of
 Personal ebanking, County National Bank's Internet banking product, and the
 construction of a full service banking facility in Punxsutawney, which was
 completed in October.
     During 2001, Mr. Falger stated that the emphasis is on increasing number
 of households served within the Bank's current market area.  A redesigned
 checking product line coupled with aggressive marketing efforts is anticipated
 to significantly increase the number of checking accounts over the next
 12 months.  Other areas of concentration are to continue to grow non-interest
 income, maintain strong credit quality and take advantage of expansion and
 acquisition opportunities.
     In the corporation's reorganizational meeting, the following corporation
 officers were named:  William F. Falger, President and Chief Executive
 Officer; William A. Franson, Secretary; Joseph B. Bower, Jr., Treasurer; and
 Donald E. Shawley, Assistant Secretary.  Peter F. Smith was retained as
 counsel.
     The County National Bank annual meeting then followed with the thirteen
 incumbent bank directors re-elected for the ensuing year.  They are Robert E.
 Brown, William F. Falger, William A. Franson, Richard D. Gathagan, James J.
 Leitzinger, Dennis L. Merrey, James P. Moore, William R. Owens, Robert C.
 Penoyer, Jeffrey S. Powell, James B. Ryan, Peter F. Smith, and Joseph L.
 Waroquier, Sr.
     Following that re-election process, the following banking officers were
 appointed for the forthcoming year:  Mr. Falger, President and Chief Executive
 Officer; Mr. Franson, Executive Vice President, Cashier and Chief Operating
 Officer; Mr. Bower, Senior Vice President and Chief Financial Officer; Donald
 E. Shawley, Senior Vice President and Senior Trust Officer; and Mark D.
 Breakey, Senior Vice President and Senior Loan Officer.
     Robin L. Hay, Jeffrey A. Herr, Stanley G. Kaizer, William J. Mills, Duane
 P. Shifter, Richard L. Sloppy, Charles L. Veronesi, Joseph H. Yaros, Vice
 Presidents/Community Banking; Mary Ann Conaway, Vice President/Human
 Resources; Jacqueline A. Hynd, Vice President/Office Administration; Helen G.
 Kolar, Vice President/Marketing & Sales; Edward H. Proud, Vice President/
 Information Systems; Christopher L. Stott, Vice President/Mortgage Lending;
 Calvin R. Thomas, Jr., Vice President/Trust Officer; Mary A. Baker, Rachel E.
 Larson, David W. Ogden, Rodger L. Read, Ruth Anne Ryan, Beatrice H. Wittman
 and Deborah M. Young, Assistant Vice Presidents; Kathy J. McKinney, Francine
 M. Papa, Jo Ellen Potter, S. Jean Sankey, Jennifer A. Smith, Steven C. Tunall,
 Gregory R. Williams and Harold A. Wilson, Jr., Community Office Managers;
 Denise J. Greene, Paul A. McDermott, Larry A. Putt, and Brenda L. Terry,
 Banking Officers; Thomas J. Ammerman, Jr., Bank Security Officer; Richard L.
 Bannon, Credit Administration Officer; Donna J. Collins, Compliance Officer;
 Lisa A. Fredette, Trust Officer; Susan B. Kurtz, Customer Service Officer;
 Duane B. Luzier, Network Administration Officer; C. Glenn Myers, Assistant
 Financial Officer and Controller; Christopher N. Norris, Collection Officer;
 Andrew J. Woolridge, Investment Officer; and Eunice M. Peters and Vickie
 Pingie, Assistant Trust Officers.
     Inquiries regarding CNB Financial Corporation stock (CCNE) can be answered
 by phoning 814-765-9621.
     County National Bank is the primary subsidiary of CNB Financial
 Corporation and has twenty community offices in Cambria, Clearfield, Centre,
 Elk, Jefferson and McKean counties.
     County National Bank's website is http://www.bankcnb.com.
 
 SOURCE  CNB Financial Corporation