CNB Financial Corporation Board Elects Jeffrey Powell as Chairperson
30 November 2023 - 10:45PM
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.
Contact: Emily Fisher
Public Relations/Community Outreach Officer
Emily.Fisher@CNBBank.bank
Mobile: 614-312-6868
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