CLEARFIELD, Pa.--(BUSINESS WIRE)--
CNB Financial Corporation (“CNB”) (Nasdaq: CCNE) announced today that
its Board of Directors has approved a stock repurchase program. The
program authorizes the repurchase of up to 500,000 shares of the
Company’s common stock. Purchases may be made through the open market or
in privately negotiated transactions. All shares repurchased will be
issued but not outstanding shares of the Company’s common stock. The
actual timing, number and price of any shares repurchased under the
program will be determined by management in its discretion and will
depend on a number of factors, which may include the market price of the
shares, general market and economic conditions, growth opportunities,
applicable legal and regulatory requirements and other factors. The new
repurchase program does not obligate the Company to repurchase any
shares and will remain in effect until fully utilized or until modified,
suspended or terminated. The new repurchase program replaces the
Company’s previous repurchase program, which program was terminated in
connection with the establishment of the new repurchase program.
On November 12, 2014, the Company’s Board of Directors declared a
quarterly cash dividend of $16.5 cents per share to be paid on December
15, 2014 to shareholders of record as of December 1, 2014.
About CNB Financial Corporation
CNB Financial Corporation is a $2.2 billion bank holding company
conducting business primarily through CNB Bank, the Corporation's
principal subsidiary. CNB Bank operations include a private banking
division, a loan production office in Hollidaysburg, Pennsylvania, and
twenty-eight full-service offices in Pennsylvania, including ERIEBANK, a
division of CNB Bank. FCBank, a division of CNB Bank, operates nine
full-service offices in central Ohio. More information about CNB and CNB
Bank may be found on the Internet at www.BankCNB.com.
CNB Financial Corporation
Brian Wingard, Treasurer, 814-765-9621
Source: CNB Financial Corporation