CNB Financial Corp Appoints New CEO

TL;DR

CNB Financial Corp has a new CEO, Michael W. Weaver, effective immediately.

AI Summary

On June 12, 2024, CNB Financial Corporation announced the appointment of Michael W. Weaver as its new President and Chief Executive Officer, succeeding W. Scott Ginter. Weaver, who has been with the company since 2017 and most recently served as Executive Vice President and Chief Lending Officer, will also join the Board of Directors. This leadership transition is effective immediately.

Why It Matters

This leadership change at CNB Financial Corp could signal a shift in strategic direction or operational focus under new executive leadership.

Risk Assessment

Risk Level: medium — CEO transitions can introduce uncertainty regarding future strategy and performance, impacting investor confidence.

Key Players & Entities

• CNB Financial Corporation (company) — Registrant
• Michael W. Weaver (person) — Newly appointed President and CEO
• W. Scott Ginter (person) — Outgoing President and CEO
• June 12, 2024 (date) — Effective date of appointment

FAQ

Key Financial Figures

• $15,000,000 — ommon Stock repurchased does not exceed $15,000,000. Pursuant to the Plan, repurchases of C

Filing Documents

• d852964d8k.htm (8-K) — 24KB
• 0001193125-24-160722.txt ( ) — 179KB
• ccne-20240612.xsd (EX-101.SCH) — 4KB
• ccne-20240612_def.xml (EX-101.DEF) — 13KB
• ccne-20240612_lab.xml (EX-101.LAB) — 22KB
• ccne-20240612_pre.xml (EX-101.PRE) — 14KB
• d852964d8k_htm.xml (XML) — 6KB

From the Filing

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 Date of Report (Date of earliest event reported): June 12, 2024 CNB FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 001-39472 25-1450605 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.) 1 South Second Street PO Box 42 Clearfield , Pennsylvania 16830 (Address of principal executive offices, zip code) Registrant's telephone number, including area code: (814) 765-9621 Not Applicable (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)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, no par value CCNE The NASDAQ Stock Market LLC Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A Non-Cumulative, Perpetual Preferred Stock) CCNEP The NASDAQ Stock Market LLC 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. Item8.01. Other Events On June 12, 2024, CNB Financial Corporation (the "Company") received acknowledgement from the Federal Reserve Bank of Philadelphia (the "Federal Reserve Bank") of the Company's 2024 Common Share Repurchase Program (the "Plan"). The Company's Board of Directors previously approved the Plan, subject to the Federal Reserve Bank's response, authorizing the repurchase from time to time by the Company of up to 500,000 shares of the Company's common stock, no par value per share (the "Common Stock"), provided that the aggregate purchase price of shares of Common Stock repurchased does not exceed $15,000,000. Pursuant to the Plan, repurchases of Common Stock, if any, are authorized to be made during the period beginning on June 12, 2024 (the date on which the Company received acknowledgement from the Federal Reserve Bank) through and including May 14, 2025, through open market purchases, privately negotiated transactions or in such other manner as will comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, subject to compliance with any material agreement to which the Company is a party. Depending on market conditions and other factors, these repurchases may be commenced or suspended without prior notice. 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 hereunto duly authorized. CNB FINANCIAL CORPORATION Date: June 13, 2024 By: /s/ Tito L. Lima Tito L. Lima Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR