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) July 30, 1999
CNB Bancorp, Inc.
(Exact Name of Registrant as Specified in its Charter)
New York 17501 14-1709485
(State of Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
12-24 N. Main St., P.O. Box 873, Gloversville, New York 12078
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code (518) 773-7911
N/A
(Former Name or Former Address, if Changes Since Last Report)
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Item 5. Other Events
FOR IMMEDIATE RELEASE:
CNB Bancorp, Inc. Announces 3-for-2 Stock Split:
The Board of Directors of CNB Bancorp, Inc. have approved a quarterly
dividend of $.22 per share, according to William N. Smith, Chairman of the
Board and President.
The dividend will be paid on August 16, 1999 to shareholders of record as of
August 9, 1999.
The Board also approved a 3-for-2 stock split effected through a 50% stock
dividend payable on September 1, 1999 to shareholders of record as of August
26, 1999, according to Smith.
Shareholders will receive a certificate for one additional share for each 2
shares they are holding.
CNB Bancorp, Inc. is a one bank holding company, with City National Bank as
its only subsidiary.
Smith continued, "This is the first change in shares of CNB Bancorp since
January 1997 when a 2-for-1 stock split was issued".
The corporation has experienced very good growth in the last 2 1/2 years,
according to Smith. Since year-end 1996 the bid price of CNB Bancorp stock
has risen from $24.88 per share to $40.50 per share, a 62.8% increase.
With the recent acquisition of Adirondack Financial Services Bancorp, Inc.,
parent company of Gloversville Federal Savings and Loan Association, total
assets of CNB Bancorp, Inc. have increased from $236,050,000 as of June 30,
1998 to $314,352,000 as of June 30, 1999, an increase of 33.2%. Earnings have
improved from $1,570,000 for the first six months of 1998 to $1,633,000 for
the first six months of 1999, or 4.0%, according to Smith.
Smith concluded, "The increased value of shares demonstrates the confidence
that our shareholders have had in the on-going strong performance of CNB
Bancorp, Inc. and the franchise of a community bank".
City National Bank has seven offices: The Main Office at 10-24 North Main
Street, Gloversville; 52 North Main Street, Gloversville; the Fifth Avenue
Office at 185 Fifth Avenue, Gloversville; the Johnstown Office at 142 North
Comrie Avenue, Johnstown; the Northville Office at 231 Bridge Street,
Northville; and the Perth Office at 4178 State Highway 30, Amsterdam; the
Saratoga Springs Office at 295 Broadway, Saratoga Springs.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly casued this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CNB BANCORP, INC.
By: /s/ George A. Morgan
George A. Morgan
Vice President and Secretary
July 30, 1999
Date
