CNB Financial (CCNE) director amends Form 3 to correct share holdings
Rhea-AI Filing Summary
CNB Financial Corporation director updates reported share ownership following the ESSA Bancorp merger. The Form 3/A shows direct ownership of 100,289 shares of common stock and indirect holdings of 20,431 shares through the ESSA Bank & Trust Employee Stock Ownership Plan, plus 111 and 116 shares in two spouse IRAs.
The director states that the direct share count was previously understated and has been corrected. Indirect holdings were previously reported as being in a 401(k), but are clarified as ESOP shares that were exchanged for CNB Financial common stock in connection with the merger and remained in the ESOP until a final IRS determination letter.
Positive
- None.
Negative
- None.
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
Olson Gary S
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 100,289 shares (Direct);
Common Stock — 20,431 shares (Indirect, By ESOP);
Common Stock — 111 shares (Indirect, By spouse's IRA 1);
Common Stock — 116 shares (Indirect, By spouse's IRA 2)
Footnotes (2)
- F1. The number of shares has been adjusted to correct and understatement of total direct holdings.
- F2. The shares were inadvertently reported as held in a 401(k). The shares were held in the ESSA Bank & Trust Employee Stock Ownership Plan (ESOP), which was terminated in connection with CNB Financial Corporation's merger with ESSA Bancorp, Inc. The ESOP was terminated in connection with the merger and shares held in the ESOP were exchanged for common stock of CNB Financial Corporation. The shares continued to be held in the ESOP until the receipt of a final determination letter from the IRS. The number of shares has been adjusted to correct an overstatement of the total indirect holdings.
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FAQ
What does the CNB Financial (CCNE) Form 3/A filing disclose?
The Form 3/A discloses corrected share ownership for a CNB Financial director. It reports updated direct and indirect common stock holdings and explains prior reporting errors related to an employee stock ownership plan and the impact of CNB Financial’s merger with ESSA Bancorp, Inc. on those shares.
What correction was made to the director’s direct CNB Financial (CCNE) holdings?
The filing explains that the number of directly held shares was previously understated. The corrected figure is 100,289 common shares held directly, with the adjustment intended to properly reflect the director’s total direct CNB Financial ownership as of the relevant reporting date.
What indirect holdings does the CNB Financial (CCNE) director report through spouse IRAs?
The director reports two indirect positions through spouse IRAs. One IRA holds 111 shares of CNB Financial common stock, while a second spouse IRA holds 116 shares, both listed as indirect beneficial ownership separate from the director’s ESOP and directly held share positions.