UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 04/05/2007
CNB Financial Corporation
(Exact name of registrant as specified in its charter)
Commission File Number: 000-13396
Pennsylvania | | 25-1450605 |
(State or other jurisdiction of | | (IRS Employer |
incorporation) | | Identification No.) |
1 South Second Street
PO Box 42
Clearfield, Pennsylvania 16830
(Address of principal executive offices, including zip code)
814-765-9621
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Information to be included in the report
Item 1.01. Entry into a Material Definitive Agreement
On April 5, 2007, CNB Statutory Trust II, a trust formed by CNB Financial Corporation (the Corporation), issued $10,000,000 in trust-preferred securities in a pooled offering underwritten by Cohen & Company. The interest rate is determined each quarter and floats based on the 3-month LIBOR plus 1.55%. The Corporation issued subordinated debentures to the trust in exchange for the proceeds of the offering, which debentures represent the sole asset of the trust. The subordinated debentures must be redeemed no later than 2037. The Corporation will use the proceeds to fund loan growth during 2007 as well as continue to repurchase shares of its own stock under a previously announced plan.
Signature(s)
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 hereunto duly authorized.
| | | | | | CNB Financial Corporation |
| |
| |
| Date: April 11, 2007 | | | | By: | | /s/ Charles R. Guarino
|
| | | | | | | | | Charles R. Guarino |
| | | | | | | | | Treasurer |
| |
| |
