CNB Financial Corporation Depositary Shares, each representing 1/40th of a share of 7.125% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock (CCNEP)

CCNEP trades as depositary shares, each representing a one-fortieth interest in a share of CNB Financial Corporation's 7.125% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock. Each depositary share carries a $25 liquidation preference and pays dividends quarterly at a fixed 7.125% annual rate when declared by the board. Because the dividends are non-cumulative, any payment the board skips is not owed later. The preferred has no maturity date.

The issuer, CNB Financial Corporation, is the holding company for CNB Bank, a community and regional bank based in Clearfield, Pennsylvania. It operates under several regional brands across Pennsylvania, Ohio, New York and Virginia, and its common stock trades on NASDAQ as CCNE. The preferred was sold in 2020 to add regulatory capital as the bank grew.

The Series A preferred became redeemable at the company's option, in whole or in part, five years after issuance, subject to regulatory approval. CNB continued to declare the regular quarterly preferred dividends in its periodic filings through 2024.