CNB Bank was incorporated in 1934 and is chartered in the Commonwealth of Pennsylvania.
ERIEBANK, a division of CNB Bank, began operations in 2005. In October 2013,
the Corporation acquired FC Banc Corp. and its subsidiary, Farmers Citizens
Bank. Farmers Citizens Bank served the central Ohio markets of Bucyrus, Cardington,
Fredericktown, Mount Hope and Shiloh, as well as the markets of Worthington
and Upper Arlington in the greater Columbus, Ohio area, with 8 branch locations.
The Corporation is continuing to operate these 8 branch locations as FCBank,
a division of CNB Bank, with local decision making and oversight. An additional
FCBank full service branch location was opened in 2014 in Dublin, Ohio.
The Bank has 38 full service branch offices and two loan production offices
located in various communities in its market area. CNB Bank’s primary
market area includes the Pennsylvania counties of Cambria, Cameron, Centre,
Clearfield, Crawford, Elk, Indiana, Jefferson, and McKean. As ERIEBANK, a division
of CNB Bank, the Bank operates in the Pennsylvania counties of Crawford, Erie,
and Warren. As FCBank, a division of CNB Bank, the Bank operates in the Ohio
counties of Crawford, Richland, Ashland, Wayne, Marion, Morrow, Knox, Holmes,
Delaware, and Franklin.
The Bank is a full service bank engaging in a full range of banking activities
and services for individual, business, governmental and institutional customers.
These activities and services principally include checking, savings, and time
deposit accounts; real estate, commercial, industrial, residential and consumer
loans; and a variety of other specialized financial services. The Bank’s
Wealth & Asset Management Services division offers a full range of client
services.
As a bank holding company that controls a Pennsylvania state-chartered bank,
the Corporation is subject to regulation and examination by the Pennsylvania
Department of Banking and the Federal Reserve Board. We are required to file
with the Federal Reserve Board an annual report and such additional information
as the Federal Reserve Board may require pursuant to the BHC Act, and applicable
regulations. For instance, the BHC Act requires each bank holding company to
obtain the approval of the Federal Reserve Board before it may acquire substantially
all the assets of any bank, or before it may acquire ownership or control of
any voting shares of any bank if, after such acquisition, it would own or control,
directly or indirectly, more than five percent of any class of voting shares
of such bank. Such a transaction may also require approval of the Pennsylvania
Department of Banking.
Pursuant to provisions of the BHC Act and regulations promulgated by the Federal
Reserve Board thereunder, the Corporation may only engage in, or own companies
that engage in, activities deemed by the Federal Reserve Board to be permissible
for bank holding companies or financial holding companies. Activities permissible
for bank holding companies are those that are so closely related to the business
of banking or managing or controlling banks as to be a proper incident thereto.
Permissible activities for financial holding companies include those “so
closely related to banking” as well as certain additional activities deemed
“financial in nature.” The Corporation must obtain permission from
or provide notice to the Federal Reserve Board prior to engaging in most new
business activities.
Under Federal Reserve Board regulations, a bank holding company is required
to serve as a source of financial and managerial strength to its subsidiary
banks and may not conduct its operations in an unsafe or unsound manner. In
addition, it is the Federal Reserve Board’s policy that in serving as
a source of strength to its subsidiary banks, a bank holding company should
stand ready to use available resources to provide adequate capital funds to
its subsidiary banks during periods of financial stress or adversity and should
maintain the financial flexibility and capital-raising capacity to obtain additional
resources for assisting its subsidiary banks. A bank holding company’s
failure to meet its obligations to serve as a source of strength to its subsidiary
banks will generally be considered by the Federal Reserve Board to be an unsafe
and unsound banking practice or a violation of the Federal Reserve Board regulations
or both. This doctrine is commonly known as the “source of strength”
doctrine.
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