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
March 1, 1999
CNB FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Commission File Number 33-45522
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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
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(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 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, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CNB FINANCIAL CORP.
Registrant
Date: March 1, 1999 By: /s/ PETER J. CORSO
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Peter J. Corso
Executive Vice President and
Chief Financial Officer
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[CNB FINANCIAL CORP LOGO] 24 Church Street
Canajoharie, New York 13317
(518) 673-3243
FOR IMMEDIATE RELEASE FOR MORE INFORMATION
CONTACT: PETER J. CORSO
(518) 673-3243
CNB Financial Corp. Announces Record Dividend
and Continuation of Stock Repurchase Program
Canajoharie, NY, February 22, 1999--CNB Financial Corp. (NASDAQ:CNBF) announced
a 14.3% increase in its first quarter dividend. Directors of Central National
Bank's parent company declared an $0.08 dividend, payable on March 10, 1999 to
shareholders of record as of March 1, 1999.
The Company also announced its intention to extend its repurchase agreement and
to purchase up to 574,472 of its outstanding shares in the open market during
the period March 16, 1999 to March 15, 2000. The shares will be purchased at
prevailing market prices from time to time during the repurchase period,
depending upon conditions that exist in the market.
"We continue to explore oppportunities to utilize our strong capital position
and believe our stock to be an attractive long term investment," stated Donald
L. Brass, president of the company. Mr. Brass added that the repurchased shares
will be held in Treasury, but may be reissued in the future in connection with
the Company's dividend reinvestment plan, to satisfy the issuing of stock
options, or 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. The company operates two subsidiaries:
Central National Bank, Canajoharie which provides a full range of personal and
commercial banking as well as personal and business trust services, and Central
Asset Management, Inc. which provides investment advisory services.
February 22, 1999
