UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
February 18, 1997
CNB FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Commission File Number 33-45522
New York 22-3203747
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
24 Church Street, Canajoharie, N.Y. 13317
(Address of principal executive offices--Zip code)
Registrant's telephone number, include area code (518) 673-3243
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FORM 8-K--CURRENT REPORT
Item 1--None
Item 2--None
Item 3--None
Item 4--None
Item 5--See attached press release regarding a stock repurchase program
Item 6--None
Item 7--None
Item 8--None
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Unity
Bancorp, Inc. has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CNB FINANCIAL CORP.
Registrant
Date: March 3, 1997 By /s/ DONALD L. BRASS
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Donald L. Brass
President
Date: March 3, 1997 By /s/ PETER J. CORSO
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Peter J. Corso
Executive Vice President
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
Exhibit No. Description
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99 Press Release dated February 18, 1997 announcing
record dividend along with Stock Repurchase Program
[LOGO] CNB Financial Corp. 24 Church Street
Canajoharie, New York 13317
(518) 673-3243
FOR IMMEDIATE RELEASE FOR MORE INFORMATION
CONTACT, LAWRENCE KNUDSEN
(518) 673-3243
CNB Financial Corp. Announces Record Dividend
along with Stock Repurchase Program
Canajoharie, NY, February 18, 1997--CNB Financial Corp. (NASDAQ:CNBF) announces
its first quarter dividend, the highest quarterly dividend in the company's 141
year history. The dividend of $0.12 is 9% higher than that paid for the same
period last year, continuing the tradition of rewarding shareholders for the
strong financial performance of the Company. This dividend is payable on March
10, 1997 to shareholders of record as of February 28, 1997.
The company also announced its intention to repurchase up to 236,000 of its
outstanding shares in the open market during March 15, 1997 to March 15, 1998.
The shares will be purchased at prevailing market prices from time to time
during the repurchase period upon conditions that exist in the market.
Donald L. Brass, president of the company, indicated that the Board of Directors
approved the repurchase program because they view the company's stock as an
attractive long term investment.
Mr. Brass also said the repurchased shares will be held in Treasury but may be
reissued in the future in connection with the company's dividend reinvestment
plan, or to satisfy the issuing of stock options, as well as other corporate
purposes such as acquisitions.
CNB Financial Corp. is a bank holding company whose common shares are listed on
the National Market System of NASDAQ under the symbol "CNBF". Its principal
office is in Canajoharie, New York. Through its subsidiary, Central National
Bank, Canajoharie, it operates 19 branch offices in six counties in the Mohawk
Valley of New York. CNB Financial Corp. recently formed a new subsidiary,
Central Asset Management, Inc., which provides investment advisory services.
Central National Bank is a full service community bank offering a full range of
retail and commercial banking as well as personal and business trust services.
