S&T BANCORP ANNOUNCES ROBERT E. KANE WILL NOT STAND FOR RE-ELECTION TO THE BOARD OF DIRECTORS

Rhea-AI Summary

S&T Bancorp, Inc. (NASDAQ: STBA) announced that Robert E. Kane will not seek re-election to the board, ending his term on May 16, 2022. Kane served since 2017 and was a significant member of various committees, contributing to the bank's strategic direction. Christine Toretti, board chair, commended his impact, while CEO Chris McComish acknowledged his leadership. S&T Bancorp, a $9.5 billion holding company, operates in five markets including Pennsylvania and Ohio, with a commitment to future growth.

Positive

• Kane's leadership strengthened the board's direction and governance.
• CEO expressed confidence in the bank's future plans.

Negative

• Loss of experienced leadership could create continuity concerns.

INDIANA, Pa., March 22, 2022 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with operations in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York, announced today that Robert E. Kane will not stand for re-election to the board of directors and his term will end at the May 16, 2022 annual meeting.

"Bob's impact and leadership on our board has been significant. We are grateful for all he has contributed to the bank and shareholders," commented Christine Toretti, the chair of S&T's board of directors.

Mr. Kane has been a director of S&T since 2017 and during his tenure served as a member of the audit, executive, and nominating and corporate governance committees, and was chair of the trust and revenue oversight committee.

"It has been a privilege to serve on the board and provide shareholder direction. I am confident the bank has strong plans in place for a bright future," stated Bob Kane.

Chris McComish, chief executive officer, remarked, "On behalf of the board of directors, management, and shareholders, we would like to express our gratitude to Bob and wish him all the best in his future endeavors."

About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.5 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank was established in 1902 and operates in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.

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SOURCE S&T Bancorp, Inc.

FAQ

What is the impact of Robert E. Kane's departure from S&T Bancorp's board?

Kane's departure may raise concerns about continuity and leadership experience for S&T Bancorp.

When will Robert E. Kane's term end at S&T Bancorp?

Robert E. Kane's term will end at the annual meeting on May 16, 2022.

Who will replace Robert E. Kane on S&T Bancorp's board?

The press release did not specify a replacement for Robert E. Kane.

How long did Robert E. Kane serve on the board of S&T Bancorp?

Robert E. Kane served on the board of S&T Bancorp since 2017.