CLEARFIELD, Pa. CNB Financial Corp. said it plans to reduce its work force by 6% through a combination of job cuts and retirements, as part of a restructuring program.
In a press release Monday, $565 million-asset CNB said it expects to save more than $470,000 a year, beginning in 2001, as a result. The company said it will take fourth-quarter charges of more than $100,000.
CNB said it also plans to make a significant investment in technology as part of the restructuring. Though not giving details, the company said the technology investment would supply faster, more personal service to its customers.