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Bank on Buffalo's parent increases profits 16 percent

The parent company of Bank on Buffalo reported $24 million in profits last year, up 16 percent from $20.5 million the year before.

Clearfield, Pa.-based CNB Financial Corp. said its Bank on Buffalo division added 28 employees last year. Bank on Buffalo now operates three area branches, and has indicated interest in opening a fourth location.

In the fourth quarter, CNB Financial recorded profits of $3.5 million, down from $5 million the year before. The bank absorbed a one-time charge related to the reduction in the federal corporate income tax rate.

 

 

 

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