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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 MARCH 5, 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
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ITEM 5. OTHER EVENTS.
On March 5, 1999, CNB, Inc. (the "Company") announced the resignation
of Corey J. Coughlin as President and Chief Operating Officer. A copy of the
Company's press release dated March 5, 1999 is attached hereto and incorporated
herein by reference in its entirety.
On March 9, 1999, the Company announced the appointment of Bennett
Brown to serve as President and Chief Operating Officer of the Company. A copy
of the Company's press release dated March 9, 1999 is attached hereto and
incorporated herein by reference in its entirety.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) The following Exhibits are filed with this Current Report on Form
8-K.
Exhibit No. Description
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99.1 Press Release dated as of March 5, 1999
99.2 Press Release dated as of March 9, 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.
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(REGISTRANT)
Date: March 16, 1999 By: /s/ G. Thomas Frankland
-----------------------------------
(Signature)
G. Thomas Frankland
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
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<S> <C>
99.1 Press Release dated as of March 5, 1999
99.2 Press Release dated as of March 9, 1999
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Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contacts:
K.C. Trowell G. Thomas Frankland
Chairman & Chief Executive Officer Executive Vice President and Chief
CNB, Inc. Financial Officer
904-755-3240
CNB NATIONAL BANK PRESIDENT RESIGNS
LAKE CITY, FLORIDA (March 5, 1999) - CNB, Inc. (NASDAQ:CNBB) today
announced that its Board of Directors had accepted the resignation of Corey J.
Coughlin as President and Chief Operating Officer and as a Director of its
banking subsidiary, CNB National Bank. CNB also accepted Mr. Coughlin's
resignation as Executive Vice President of CNB, Inc. K.C. Trowell, Chairman and
Chief Executive Officer of CNB, Inc. and CNB National Bank will assume the role
until a successor is named. Mr. Coughlin has agreed to continue as a consultant
for up to three months to facilitate a smooth transition.
"During his tenure, Coughlin brought a wealth of banking experience to CNB
and was instrumental in CNB's initial public offering completed earlier this
year," Trowell said. "We appreciate Corey continuing his association with CNB in
the upcoming months."
* * * *
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 eleven offices in six Northeast Florida counties
(Alachua, Baker, Bradford, Columbia, Suwannee and Union).
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Exhibit 99.2
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contacts:
K.C. Trowell G. Thomas Frankland
Chairman & Chief Executive Officer Executive Vice President and Chief
CNB, Inc. Financial Officer
904/755-3240
BENNETT BROWN JOINS CNB NATIONAL BANK
LAKE CITY, FLORIDA (March 9, 1999) - CNB, Inc. (NASDAQ:CNBB) today
announced that veteran Jacksonville community banker, Bennett Brown, has
joined CNB, Inc. as President and Chief Operating Officer of its banking
subsidiary, CNB National Bank, and as Executive Vice President of the holding
company. CNB National Bank currently operates eleven branches in six
Northeast Florida counties with assets of $311 million at December 31, 1998
and is the largest community bank headquartered in Northeast Florida. Brown
will lead CNB's previously-announced entry into the Jacksonville market
consisting of Jacksonville, St. Augustine, Orange Park, Ponte Vedra Beach,
the Jacksonville Beaches, Fernandina Beach and Amelia Island, included in the
four counties of Duval, St. Johns, Clay and Nassau.
Brown joins K.C. Trowell, Chairman & Chief Executive Officer and
founder of CNB National Bank, and G. Thomas Frankland, Executive Vice President
and Chief Financial Officer, who joined CNB in late 1998. "We now have the
senior management team in place to take CNB through significant expansion and to
take advantage of the substantial banking consolidation that has occurred in the
Northeast Florida market over the past few years," stated Trowell. "We are
pleased that Bennett Brown has joined CNB National Bank to help us serve the
many middle-market corporate customers who prefer the responsive,
relationship-driven services offered by CNB National Bank over the larger
out-of-state banks," Trowell added.
Brown's background includes leading the formation of Enterprise
National Bank of Jacksonville as President and Chief Executive Officer in 1987
which was subsequently acquired by Compass Bancshares in early 1997. He has been
City President of Compass Bank since that time. Prior to forming Enterprise,
Brown was with Florida National Bank for 10 years.
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David H. Sheffield and Michelle S. McClellan are also joining CNB
National Bank, both as Vice Presidents, with responsibility for commercial
banking and private banking, respectively. Sheffield and McClellan have also
been associated with Brown at Compass Bank, Enterprise National Bank of
Jacksonville and Florida National Bank.
* * * *
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 eleven offices in six Northeast Florida counties
(Alachua, Baker, Bradford, Columbia, Suwannee and Union).
