CNB Financial Corporation operates as the holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers in central and northwest regions of the Commonwealth of Pennsylvania. The company has 28 full service branch offices and 1 loan production office located in various communities in its market area. Its primary market area consists of the Pennsylvania counties of Cambria, Cameron, Clearfield, Crawford Elk, Erie, Indiana, McKean, and Warren. It also includes a portion of western Centre County including Philipsburg Borough, Rush Township and the western portions of Snow Shoe and Burnside townships and a portion of Jefferson County, consisting of the boroughs of Brockway, Falls Creek, Punxsutawney, Reynoldsville and Sykesville, and the townships of Washington, Winslow, and Henderson. The company's activities and services principally include checking, savings, and time deposit accounts; real estate, commercial, industrial, residential, and consumer loans; and various other specialized financial services. Its Wealth & Asset Management Services division offers a range of client services. In addition to the bank, the company has four other subsidiaries, including CNB Securities Corporation, whcih is incorporated in Delaware and maintains investments in debt and equity securities; County Reinsurance Company, which is an Arizona corporation and provides credit life and disability insurance for customers of CNB Bank; CNB Insurance Agency, whcih is incorporated in Pennsylvania and provides for the sale of nonproprietary annuities and other insurance products; and Holiday Financial Services Corporation, whcih is incorporated in Pennsylvania and offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment, to borrowers with higher risk characteristics. Investment Securities As of December 31, 2012, the company’s investment securities included securities of U.S. treasury; securities of U.S. government sponsored entities; states and political subdivisions; residential and multi-family mortgage securities; commercial mortgage securities; corporate notes and bonds; pooled trust preferred securities; pooled SBA; and other securities. Supervision and Regulation As a bank holding company, the company is subject to regulation and examination by the Pennsylvania Department of Banking and the Federal Reserve Board. The bank is subject to the oversight of applicable federal and state banking agencies, including the Pennsylvania Department of Banking and Federal Deposit Insurance Corporation (FDIC). Various consumer protection laws and regulations also affect the operation of the bank, and pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Bureau of Consumer Financial Protection is authorized to write rules on consumer financial products, which could affect the operations of the bank. The bank received the Community Reinvestment Act of 1977 (CRA) rating of ‘Satisfactory’ at its CRA exam. The bank and the company are subject to the restrictions of Sections 23A and 23B of the Federal Reserve Act, and their implementing Regulation W, issued by the Federal Reserve Board. The bank is are also subject to Sections 22(g) and 22(h) of the Federal Reserve Act, and their implementing Regulation O issued by the Federal Reserve Board. The deposits of the bank are insured up to applicable limits per insured depositor by the FDIC. The bank’s loans and other products, and services are also subject to various federal and state laws, including the Truth-In-Lending Act; the Truth-in-Savings Act; the Home Mortgage Disclosure Act; the Equal Credit Opportunity Act; the Real Estate Settlement Procedures Act; the Fair Credit Reporting Act; Privacy provisions of the Gramm-Leach-Bliley Act and related regulations; the Electronic Fund Transfer Act; and the Bank Secrecy Act and USA Patriot Act. The Sarbanes-Oxley Act of 2002 is applicable to all companies with equity securities registered or that file reports under the Securities Exchange Act of 1934, as amended, including publicly-held financial holding companies, such as the company. History CNB Financial Corporation was founded in 1934.
cnb financial corp/pa (CCNE:NASDAQ GS)
1 South Second Street
PO Box 42
Clearfield, PA 16830
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