Clearfield, P.A. – CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, has announced that Michael D. Peduzzi, President of CNB Bank, assumed the additional role of Chief Executive Officer (CEO) of CNB Bank, effective July 1, 2022. This appointment is a continuation of the planned transition of Mr. Peduzzi as successor to Joseph B. Bower, Jr. following Mr. Bower’s retirement announcement in February 2021.
As President & CEO of CNB Bank, Mr. Peduzzi will lead the bank in the development and execution of the strategic plan and have the overall responsibility for CNB’s banking divisions including CNB Bank, BankOnBuffalo, ERIEBANK, FCBank and Ridge View Bank. He will also continue to serve as a key liaison in dealing with the corporation and bank’s external auditing firm in completion and timely submission of all required financial reports, and other accounting and tax matters, as the Bank is the primary operating entity of CNB.
Working with the Board of Directors, Mr. Peduzzi will develop and direct the business development and financial management policies and practices of the bank’s retail, commercial, wealth management and private banking divisions to ensure that financial objectives and institutional growth targets are met. Along with other members of the CNB executive management team, Mr. Peduzzi will develop strategies aimed at achieving growth and profitability goals to promote achievement of enhanced shareholder value and strong returns while complying with government regulations and sound financial practices.
With over 34 years’ experience serving the banking and financial services industries, immediately prior to joining CNB, Mr. Peduzzi most recently served as Senior Executive Vice President & Chief Financial Officer of Mid-Penn Bank.
A native of Ebensburg, PA, Mr. Peduzzi graduated from Bishop Carroll High School. He later graduated from The Pennsylvania State University with a Bachelor of Science degree in accounting. He is a Certified Public Accountant licensed in the State of Pennsylvania and is a member of both the American Institute of Certified Public Accountants (“AICPA”) and the Pennsylvania Institute of Certified Public Accountants (“PICPA”). He previously served as a member of the PICPA state committee on professional ethics, and prior to that as a member of the PICPA state committee on internal audit, including a term as Chairman. Mr. Peduzzi also served on the Advisory Board of The Pennsylvania State University – York. He also spent over 10 years coaching varsity high school soccer and club soccer at schools and organizations across Pennsylvania.