<PAGE>
U.S. 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 JANUARY 13, 1999
(Date of earliest event reported)
CNB, INC.
(Exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation)
0-25988 59-2958616
(Commission File Number) (IRS Employer Identification No.)
201 NORTH MARION STREET, LAKE CITY, FLORIDA 32055
(Address principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (904) 755-3240
<PAGE>
ITEM 5. OTHER EVENTS.
Reference is made to Registrant's press release filed as an
exhibit to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
(20) Press Release dated January 12, 1999.
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, INC.
------------------------------------
(Registrant)
Date: January 12, 1999 By: /S/ K.C. TROWELL
---------------------------------
(Signature)
K.C. Trowell
President (Principal Executive Officer)
<PAGE>
Exhibit 99
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contacts: G. Thomas Frankland, Executive Vice
K.C. Trowell, Chairman & President & Chief Financial Officer
Chief Executive Officer
CNB, Inc.
904/755-3240
CNB, INC. ANNOUNCES UNAUDITED 1998 RESULTS
LAKE CITY, FLORIDA (January 12, 1998) - CNB, Inc. today announced that unaudited
net income for the year ended December 31, 1998 was $2,679,000, or $.55 basic
earnings per share, compared to $2,975,000, or $.69 per share, for the year
ended December 31, 1997. CNB, Inc. management attributed the decline in 1998
earnings to increased personnel costs, primarily related to previously announced
expansion plans, and to an increased provision for loan losses, reflecting a
decision to maintain the allowance for loan losses at approximately 1% of loans
at December 31, 1998, compared to 0.94% at year-end 1997. Per share earnings for
1998 were also adversely affected by the completion of a shareholders' rights
offering in July 1997, which resulted in a 12% increase in the weighted average
shares outstanding from 4,327,534 for 1997 to 4,856,770 for 1998.
At December 31, 1998, CNB, Inc. had consolidated assets of $311.6 million, loans
of $187.0 million and deposits of $265.1 million, reflecting an increase over
year-end 1997 amounts of 14%, 17% and 15%, respectively.
CNB, Inc. also stated that plans for its previously announced initial public
offering were proceeding and that it anticipated completing the common stock
offering by late January or early February. The offering, being underwritten by
Ryan, Beck & Co. and Allen C. Ewing & Co., will provide additional capital to
support internal growth strategies and for external expansion through
acquisition, as well as for general corporate purposes.
<PAGE>
CNB, Inc. is a registered bank holding company and the parent of CNB National
Bank. CNB National Bank commenced operations in 1986 with one Lake City location
and today has 11 offices in six Northeast Florida counties (Alachua, Baker,
Bradford, Columbia, Suwannee and Union). The Company has also announced its
planned expansion into the Jacksonville Market (Duval, Clay, St.
Johns and Nassau counties).
