CBT FINANCIAL CORP. CONDUCTS ANNUAL MEETING
April 13, 2015, Clearfield, PA - CBT Financial Corp, the holding company of Clearfield Bank & Trust Company, conducted the Annual Shareholders Meeting. At the meeting, John G. Soult, Jr. and William E. Wood were re- elected as directors for CBT Financial Corp to serve a three-year term.
The following directors were not standing for election this year and retained their positions: Michael J. Bibak, Michael
R. Lytle, Charles R. Johnston, Andrew J. Kohlhepp, Kevin D. McMillen, Paula M. Cherry and Marlene K. Sample.
In addition to the election of directors, shareholders ratified the appointment of Crowe Horwath, LLC as the independent auditors for the year ending December 31, 2015.
William E. Wood, Chairman, President and CEO, convened the meeting and discussed the state of the banking industry and how well the Corporation's main subsidiary, Clearfield Bank and Trust Company was dealing with increased regulatory guidelines and the low interest rate environment. He also described the steps the Corporation took during the past year that will allow the Bank to remain well positioned to continue its growth objectives. He introduced Michael Bibak as the new President of Clearfield Bank & Trust Company and assured a smooth transition as he begins the phase out of his current role. He then introduced Richard W. Ogden, Treasurer of CBT Financial Corp. and Executive Vice President, Chief Financial Officer and Treasurer of Clearfield Bank & Trust Company to discuss the financial performance of the Company.
Mr. Ogden reviewed the past year's results and accomplishments of the corporation and its main subsidiary Clearfield Bank & Trust Company. For 2014 net income increased to a record $3.183 million from $2,525 million. He pointed out that the increase in earnings was the result of lower noninterest expense and a large recovery on a previously charged off loan, that resulted in a negative provision to our loan loss allocation of $250,000.
At yearend 2014, total assets continued to grow at a steady pace and were $431.7 million supported primarily by loan growth of $16 million. The Bank's asset quality remains very sound with a non-performing loan ratio of only
0.43% and 0.15% in net recoveries for 2014.
In the reorganization that followed, the Board reappointed William E. Wood, Chairman, President and Chief
Executive Officer; William A. Shiner, Secretary; and Richard W. Ogden, Treasurer.
The Clearfield Bank & Trust Company Annual Meeting followed with John G. Soult, Jr. and William E Wood re- elected for a three-year term to serve as Bank Directors. The following directors retained their positions but were not standing for election this year: Michael J. Bibak, Michael R. Lytle, Charles R. Johnston, Andrew J. Kohlhepp, Kevin D. McMillen, Paula M. Cherry and Marlene K. Sample. Directors Emeriti were appointed: George L. Beard, William L. Bertram, Barbara J. Hugney-Shope, Ray S. Walker and Robert M. Kurtz, Jr.
Following that re-election, the following Banking Officers were appointed for 2015: William E. Wood, Chairman & Chief Executive Officer
Michael J. Bibak, President
Richard W. Ogden, Executive Vice President, Chief Financial Officer & Treasurer
Judith K. Mitchell, Senior Vice President & Chief Operating Officer
William A. Shiner, Senior Vice President & Secretary, Human Resources Manager & Chief Risk Officer
Dennis E. Hampton, Senior Vice President & Trust and Investment Division Manager
Glenn E. Fisher, Senior Vice President & Chief Lending Officer
David M. McKeown, Senior Vice President & Operations Division Manager
Timothy D. Clapper, Vice President & Senior Lending Officer
Tina M. Collins, Vice President & Comptroller
Valerie L. Detwiler, Vice President & Agricultural Banking Officer
Kristi J. Johnson, Vice President & Mortgage Loan Manager
Vicki J. Myers, Vice President & Trust and Investment Management
Robert S. Ritchey, Vice President & Retail Banking Manager
Linda S. Starr, Vice President & Business Banking Officer
Janet M. Strosky, Vice President & Trust and Investment Management
George M. Weidlein, Vice President & Trust and Investment Management
Tracy J. Wilkinson, Vice President & Credit Administration Manager
Karen L. Wriglesworth, Vice President & Audit Manager
Harold B. Baker, Vice President & Retail Financial Program Manager
Kay E. Dell' Antonio, Assistant Vice President & Business Banking Officer
Denise K. Dixson, Assistant Vice President & Loan Servicing Manager
Rudolph J. Fusco, Assistant Vice President & Business Banking Officer
Robert A. Holden, Jr., Assistant Vice President & Human Resources Assistant Manager
Lori A. Kurtz, Assistant Vice President & Special Assets/Collection Manager
Sandra L. Nelson, Assistant Vice President & Training Manager
Christine A. Spencer, Assistant Vice President & Operations Manager
Jennifer L. Vingless, Assistant Vice President & Marketing Officer Shelly K. Folmar, Assistant Secretary & Human Resources Specialist Kathy L. Jacobson, Assistant Vice President & Community Office Manager Michele A. Fannin, Assistant Vice President & Community Office Manager Debra K. Bowser, Assistant Vice President & Community Office Manager Pamela S. Walsh, Community Office Manager
James N. Richtscheit, Community Office Manager
Christin M. Conigy, Community Office Manager Cindy L. Brumbaugh, Community Office Manager Sheila A. Reese, Community Office Manager
Jackie A. Confer, Assistant Vice President & Community Office Manager
Daphne M. Myers, Community Office Manager
CBT Financial Corp. is the holding company of Clearfield Bank & Trust Company, which operates twelve community offices throughout Blair, Centre, Clearfield and Huntingdon Counties. They provide a full range of consumer and business banking services along with trust services and financial planning. For more information, contact their headquarters at 814-765-7551 or log onto www.cbtfinancial.com.
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