Form 4: CNB Financial Officer Reports 401(k) Stock Distribution and Updated Holdings
Insider Transaction Report
Steven R. Shilling, EVP/Chief Wealth Management Officer of CNB Financial Corp, reported a distribution of common stock from his 401(k) plan and updated his beneficial ownership.
Summary
- Steven R. Shilling, the Executive Vice President and Chief Wealth Management Officer of CNB Financial Corp (CCNE), reported a transaction on January 14, 2025.
- The transaction involved a distribution of 22.155 shares of common stock from his 401(k) plan, valued at $23.58 per share.
- Following this transaction, Mr. Shilling's beneficial ownership includes 4,173.748 shares indirectly held through his 401(k) plan, adjusted to reflect the latest plan statement.
- He also directly owns 10,701 shares of common stock and 400 Depositary Shares.
- Each Depositary Share represents a 1/40th interest in a share of the Issuer's 7.125% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, which were acquired in an underwritten public offering.
Sentiment
Score: 5
Explanation: The filing reports a routine insider transaction (401k distribution) and an administrative Power of Attorney, which are neutral events from a market sentiment perspective.
Industry Context
This filing is a routine insider transaction report and does not provide broader industry context or trends.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Procedural Update | Steven R. Shilling granted a Power of Attorney to Jessica Zupich, Justin Maney, Charles Lichtenwalter, Irina Abbas, and Leyla Gungor, or any of them acting singly, to prepare and file SEC forms (including Forms 3, 4, 5, and 144) and manage his EDGAR account. | 07/17/2025 | This streamlines the process for the reporting person's SEC compliance filings and ensures timely and accurate reporting of beneficial ownership changes. |
Stakeholder Impact
- Shareholders: Minimal direct impact as this is a routine internal transfer of shares for an executive, not a market sale or purchase that would significantly alter the company's share structure or valuation.
Key Dates
| Date | Description |
|---|---|
| 01/14/2025 | Date of the reported transaction, involving a distribution of common stock from the reporting person's 401(k) plan. |
| 07/17/2025 | Date the Power of Attorney was executed by Steven R. Shilling, authorizing individuals to handle his SEC filings. |
| 07/24/2025 | Date the Form 4 filing was signed by the attorney-in-fact. |
Keywords
CNB Financial Corp, CCNE, Steven R. Shilling, Form 4, Insider Transaction, Stock Distribution, 401k Plan, Beneficial Ownership, Executive Stock
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