Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  01/24/2008
 
CNB Financial Corporation
(Exact name of registrant as specified in its charter)
 
Commission File Number:  000-13396
 
Pennsylvania
  
25-1450605
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
1 South Second Street
PO Box 42
Clearfield, Pennsylvania 16830
(Address of principal executive offices, including zip code)
 
814-765-9621
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 2.06.    Material Impairments
 
(a) On January 22, 2008 the Corporation determined that a Fannie Mae preferred stock was other than temporarily impaired. This determination was based primarily on the severity of the decline in fair value of the stock during December 2007, and the Corporation's inability to forecast a time period over which the stock will recover to its adjusted cost basis.

(b) The amount of impairment is $585,000, net of income taxes of $315,000, or $0.07 per share.

(c) None

 

 

Signature(s)
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
      
 
CNB Financial Corporation
 
 
Date: January 24, 2008
     
By:
 
/s/    Charles R. Guarino
               
Charles R. Guarino
               
Treasurer