April 11, 2016, Clearfield, PA - CBT Financial Corp., the holding company of Clearfield Bank & Trust Company, conducted the Annual Shareholders Meeting. At the meeting, Paula M. Cherry, Andrew J. Kohlhepp and Michael R. Lytle were re-elected as directors for CBT Financial Corp. to serve a three-year term. Additionally, Michael J. Bibak was elected as director for CBT Financial Corp. to serve a two-year term.
The following directors were not standing for election this year and retained their positions: Charles R. Johnston, John G. Soult, Kevin D. McMillen, Marlene K. Sample and William E. Wood
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, 2016.
William E. Wood, Chairman, convened the meeting and 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 and Michael J. Bibak, President and CEO of CBT Financial Corp. and of Clearfield Bank & Trust Company to review the events of 2015 and strategic direction of the Corporation.
Mr. Ogden reviewed the past year's results and accomplishments of the corporation and its main subsidiary Clearfield Bank & Trust Company. For 2015 net income increased to a record $3.331 million from $3.183 million. He pointed out that the increase in earnings was primarily the result of increased net interest income and noninterest income.
At year-end 2015, total assets continued to grow at a steady pace and were $455.6 million supported by loan growth of $47.5 million or 15.9%. The Bank's asset quality remains very sound with a non-performing loan ratio of only 0.24% and a charge off ratio of 0.16% for 2015.
Mr. Bibak acknowledged the accomplishments of the bank for 2015 and discussed the Strategic Plan and corresponding anticipation of events to occur in 2016.
In the reorganization that followed, the Board reappointed William E. Wood, Chairman; Michael J. Bibak, President and Chief Executive Officer; William A. Shiner, Secretary; and Richard W. Ogden, Treasurer.
The Clearfield Bank & Trust Company Annual Meeting followed with Paula M. Cherry, Andrew J. Kohlhepp and Michael R. Lytle re-elected as directors to serve a three-year term; and, Michael J. Bibak elected as director to serve a two-year term. The following directors retained their positions but were not standing for election this year: Charles
R. Johnston, John G. Soult, Kevin D. McMillen, Marlene K. Sample and William E. Wood. 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 2016: William E. Wood, Chairman
Michael J. Bibak, President and Chief Executive Officer
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 Claudia L. Jacobson, Vice President & Business Banking Officer Kristi J. Johnson, Vice President & Mortgage Loan Manager Robert S. Ritchey, Vice President & Retail Banking Manager
Tracy J. Wilkinson, Vice President & Credit Administration Manager Karen L. Wriglesworth, Vice President & Audit Manager
Harold B. Baker, Vice President-Retail Financial Program Manager George M. Weidlein, Vice President & Trust and Investment Management Janet M. Strosky, Vice President & Trust and Investment Management Vicki J. Myers, Vice President & Trust and Investment Management
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 David A. Hamilton, Assistant Vice President & Information Systems Manager
Robert A. Holden, Jr., Assistant Vice President - Human Resources Assistant Manager Joseph P. Kelly, Jr., Assistant Vice President & Business Banking Officer
Jackie A. Confer, Assistant Vice President & Community Development Officer 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 Derek W. Border, Assistant Vice President & Retail Financial Program Nicholas T. Poulos, Assistant Vice President & Retail Financial Program 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 James N. Richtscheit, Community Office Manager
Debra K. Bowser, Assistant Vice President & Community Office Manager Pamela S. Walsh, Community Office Manager
James M. Kane, Community Office Manager Christin M. Conigy, Community Office Manager Daphne M. Myers, Community Office Manager Cindy L. Brumbaugh, 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.
CBT Financial Corp. issued this content on 12 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 April 2016 17:50:17 UTC
Original Document: http://www.snl.com/irweblinkx/file.aspx?IID=4086940&FID=1001209198
