CNB Financial Corp. Elects New Directors, CEO Employment Agreement
Ticker: CCNEP · Form: 8-K · Filed: Nov 14, 2024 · CIK: 736772
| Field | Detail |
|---|---|
| Company | Cnb Financial Corp/Pa (CCNEP) |
| Form Type | 8-K |
| Filed Date | Nov 14, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, executive-compensation, board-of-directors
TL;DR
CNB FIN CORP adds 2 directors, inks new CEO deal. Board shakeup incoming?
AI Summary
CNB Financial Corporation announced on November 12, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Michael J. Allison and John M. Knab, to its Board of Directors. Additionally, the company entered into a new employment agreement with its President and CEO, Michael D. Rowray, effective November 12, 2024, which includes details on his compensation and severance.
Why It Matters
Changes in board composition and executive employment agreements can signal shifts in company strategy, governance, and leadership stability.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and executive compensation adjustments, which are common and generally do not indicate significant new risks.
Key Players & Entities
- CNB Financial Corporation (company) — Registrant
- Michael J. Allison (person) — Newly elected director
- John M. Knab (person) — Newly elected director
- Michael D. Rowray (person) — President and CEO
- November 12, 2024 (date) — Effective date of board changes and CEO agreement
FAQ
Who were the newly elected directors to CNB Financial Corporation's Board?
Michael J. Allison and John M. Knab were elected as new directors.
When did the changes reported in this 8-K become effective?
The earliest event reported, the election of directors and the new CEO employment agreement, was effective November 12, 2024.
What is the primary business of CNB Financial Corporation?
CNB Financial Corporation operates in the State Commercial Banks sector, SIC code 6022.
What is the principal executive office address for CNB Financial Corporation?
The principal executive offices are located at 1 South Second Street, PO Box 42, Clearfield, Pennsylvania 16830.
What specific items are covered in this 8-K filing?
This filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
Filing Stats: 465 words · 2 min read · ~2 pages · Grade level 12.5 · Accepted 2024-11-14 08:01:56
Filing Documents
- d881555d8k.htm (8-K) — 24KB
- 0001193125-24-258021.txt ( ) — 178KB
- ccne-20241112.xsd (EX-101.SCH) — 4KB
- ccne-20241112_def.xml (EX-101.DEF) — 13KB
- ccne-20241112_lab.xml (EX-101.LAB) — 22KB
- ccne-20241112_pre.xml (EX-101.PRE) — 14KB
- d881555d8k_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): November 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. Item5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On November 12, 2024, Richard L. Greslick, Jr., Senior Executive Vice President, Chief Administrative Officer and Secretary of CNB Financial Corporation (the "Company"), informed the Company that he is resigning from all positions he holds with the Company, effective as of November 22, 2024. Mr. Greslick's decision to resign from the Company is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. 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: November 14, 2024 By: /s/ Tito L. Lima Tito L. Lima Treasurer