CNB Financial Corporation Board Elects Jeffrey Powell as Chairperson

Rhea-AI Summary

CNB Financial Corporation (CCNE) Elects Jeffrey S. Powell as Chairperson of the Board of Directors

CLEARFIELD, Pa., Nov. 30, 2023 (GLOBE NEWSWIRE) -- Jeffrey S. Powell, a member of the CNB Financial Corporation and CNB Bank Boards of Directors, was elected Chairperson of both Boards by his fellow Directors, effective January 1, 2024.

Mr. Powell has been a CNB Director since 1994 and has served as the Audit Committee Chairperson for over 20 years. He will succeed the current Chairperson of the Board, Peter F. Smith, who provided the CNB Boards with notice of his intention to step down as Chairperson at the end of 2023. Mr. Smith wanted to ensure a smooth transition of Board leadership prior to his mandatory retirement in 2024 in accordance with the age limitation for Directors under the Corporation’s bylaws. Mr. Smith, an attorney in the general practice of law in Clearfield, PA, has been one of the longest serving Directors in the Corporation’s history, having been a CNB Director since 1989. He has served as the Chairperson of the Board since 2017. He will remain on the Board of Directors until his mandatory retirement date in June 2024.

“I would like to extend my sincere gratitude to Peter Smith for his exceptional dedication and unwavering commitment to the shareholders, customers, and employees of CNB Financial Corporation and CNB Bank as both a long-serving Director and especially in his years as Chairperson of the Board,” expressed Michael D. Peduzzi, President and CEO of CNB Financial Corporation. “For over 34 years, Peter and his fellow Directors have been a guiding force in the transformation of CNB from a company with total assets of just over $230 million in 1989 with operations exclusively in Central Pennsylvania, to a company now twenty-five times larger with total assets over $5.7 billion operating across four states. In providing that guidance and governance, he has ensured that while our Company embraces the modernization and flexibility in our products and services, we always do so with the traditional core values that remain at the heart and soul of CNB since its founding over 150 years ago.”

Mr. Powell, a graduate of The Pennsylvania State University with a degree in Business Administration, is currently the President of JJ Powell, Inc., a petroleum marketer providing services to customers in and around the Pennsylvania communities of Philipsburg, Clearfield, Bellefonte, Lewistown, Lewisburg, and Sunbury. He is also the President of Snappy’s Convenience Stores. In addressing his selection as CNB’s new Chairperson, Mr. Powell stated, “First I want to express many thanks to our current Chairperson, Peter Smith. He has provided unparalleled service and exceptional leadership through some of the most challenging circumstances of our generation. I am humbled to follow him as Chairperson and look forward to doing my very best for shareholders, customers, communities, and employees alike.”

Mr. Peduzzi added, “I am so pleased with the selection of Jeff Powell as our next Chairperson of the Board of Directors. In his numerous years of service on the Board, and especially in his important role as the long-serving Audit Committee Chairperson, Jeff has combined his business savvy and continuously developed understanding of banking and financial services, with a special awareness of and commitment to CNB’s strong organizational culture and all of its stakeholders. I look forward to continuing to collaborate with him as Chairperson, and the entire Board, on our shared journey ahead.”

Mr. Powell is the seventh Chairperson of the Corporation since its formation in 1984. John Leitzinger was the original Chairperson followed by Ronald B. Strattan, L. E. Soult, Jr., William Owens, Dennis L. Merrey, and most recently Peter F. Smith.

In reflecting on the succession, Mr. Smith commented, “Jeff Powell is a terrific choice to serve as CNB’s next Board Chairperson. He has my complete confidence and total support. For my part, I want to thank my fellow Directors and our shareholders for the opportunity to make my contribution to the Company. I also want to recognize CNB’s employees. They are the ones who have built CNB into the successful company we see today.”

About CNB Financial Corporation and CNB Bank
Based on strong, traditional values, CNB Bank is dedicated to being the premier, financial service provider in our communities, focused on the changing needs of people and businesses by providing the highest quality service. 

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $5.7 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, two loan production offices, one drive-up office, one mobile office, and 51 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank's divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank which operates in CNB Bank's primary market areas. CNB Bank is headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

FAQ

Who was elected as the Chairperson of the CNB Financial Corporation and CNB Bank Boards of Directors?

Jeffrey S. Powell was elected as the Chairperson of both Boards, effective January 1, 2024.

When did Peter F. Smith provide notice of his intention to step down as Chairperson?

Peter F. Smith provided notice of his intention to step down as Chairperson at the end of 2023.

How long has Peter F. Smith been a CNB Director?

Peter F. Smith has been a CNB Director since 1989.

What is the total assets of CNB Financial Corporation and CNB Bank?

CNB Financial Corporation now has total assets over $5.7 billion operating across four states.

What is Jeffrey S. Powell's current role?

Jeffrey S. Powell is currently the President of JJ Powell, Inc., a petroleum marketer, and the President of Snappy’s Convenience Stores.