CNB Bank joins Philadelphia Fed

CNB Bank becomes a state member bank regulated by the Federal Reserve System through the Federal Reserve Bank of Philadelphia.

Published on Feb. 22, 2026

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CNB Financial Corporation announced that its wholly-owned banking subsidiary, CNB Bank, became a state member bank regulated by the Board of Governors of the Federal Reserve System through the Federal Reserve Bank of Philadelphia effective February 12, 2026. CNB Bank will continue to be regulated by the Pennsylvania Department of Banking and Securities.

Why it matters

Becoming a state member bank of the Federal Reserve System is an important milestone in CNB Bank's strategic growth plans, as it provides for a more efficient supervisory process while maintaining the strength of its regulatory framework as it seeks to safely and soundly continue delivering high-quality financial services.

The details

CNB Bank, headquartered in Clearfield, Pennsylvania, is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operates 79 offices comprised of one loan production office, one mobile office, two limited service offices, and 75 full-service offices in Pennsylvania, Ohio, New York, and Virginia.

  • CNB Bank became a state member bank of the Federal Reserve System through the Federal Reserve Bank of Philadelphia effective February 12, 2026.

The players

CNB Financial Corporation

A financial holding company with consolidated assets of approximately $8.4 billion, conducting business primarily through its principal subsidiary, CNB Bank.

CNB Bank

The wholly-owned banking subsidiary of CNB Financial Corporation, a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers.

Michael D. Peduzzi

The President and CEO of CNB Financial Corporation.

Federal Reserve Bank of Philadelphia

The regional Federal Reserve bank that CNB Bank has joined as a state member bank.

Pennsylvania Department of Banking and Securities

The state regulator that will continue to regulate CNB Bank in addition to the Federal Reserve System.

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What they’re saying

“We're pleased to become a state member bank of the Federal Reserve System, an important milestone in our strategic growth. Joining the Federal Reserve System provides for a more efficient supervisory process while maintaining the strength of our regulatory framework as we seek to safely and soundly continue to deliver high-quality financial services.”

— Michael D. Peduzzi, President and CEO, CNB Financial Corporation (CNB Financial Corporation)

The takeaway

CNB Bank's transition to become a state member bank of the Federal Reserve System represents an important strategic move that will provide more efficient oversight while preserving the strength of its regulatory framework, positioning the bank to continue delivering high-quality financial services to its customers.