SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
(Rule 13d-102)
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INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO RULES 13d-1(b), (c)
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934*
CNB Financial Corporation
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
126128107
(CUSIP Number)
June 15, 2010
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 886374107 13G Page 2 of 12 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Endicott Opportunity Partners III, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
739,900
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
739,900
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
739,900
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.1%
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(12) TYPE OF REPORTING PERSON
PN
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CUSIP No. 886374107 13G Page 3 of 12 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
W.R. Endicott III, L.L.C.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
739,900
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
739,900
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
739,900
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.1%
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(12) TYPE OF REPORTING PERSON
OO
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CUSIP No. 886374107 13G Page 4 of 12 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wayne K. Goldstein (in the capacity described herein)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
739,900
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
739,900
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
739,900
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.1%
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(12) TYPE OF REPORTING PERSON
IN
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CUSIP No. 886374107 13G Page 5 of 12 Pages
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert I. Usdan (in the capacity described herein)
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
739,900
OWNED BY --------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
739,900
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
739,900
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES [ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.1%
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(12) TYPE OF REPORTING PERSON
IN
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CUSIP No. 886374107 13G Page 6 of 12 Pages
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ITEM 1(a). NAME OF ISSUER:
CNB Financial Corporation
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1 South Second Street, P.O. Box 42, Clearfield, PA 16830
ITEM 2(a). NAME OF PERSON FILING:
(i) Endicott Opportunity Partners III, L.P., a Delaware limited
partnership ("EOP"); with respect to Shares (as defined in
2(a)) directly owned by EOP
(ii) W.R. Endicott III, L.L.C., a Delaware limited liability company
("WR LLC") which serves as the general partner of EOP; with
respect to Shares directly owned by EOP.
(iii) Wayne K. Goldstein ("Mr. Goldstein"), who serves as a managing
member of WR LLC with respect to the Shares directly owned by
EOP; and
(iv) Robert I. Usdan ("Mr. Usdan"), who serves as a managing
member of WR LLC with respect to the Shares directly owned by
EOP.
EOP, WR LLC, Mr. Goldstein and Mr. Usdan are hereinafter sometimes
collectively referred to as the "Reporting Persons."
ITEM 2(b). ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:
The address of the principal business offices of each of: (i) EOP;
(ii) WR LLC; (iii) Mr. Goldstein; and (iv) Mr. Usdan is 360 Madison Avenue,
21st Floor, New York, NY 10017.
CUSIP No. 886374107 13G Page 7 of 12 Pages
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ITEM 2(c). CITIZENSHIP:
EOP - a Delaware limited partnership
WR LLC - a Delaware limited liability company
Mr. Goldstein - United States
Mr. Usdan - United States
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock, no par value (the "Shares")
ITEM 2(e). CUSIP NUMBER:
126128107
ITEM 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule 13d-1
(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance with
Rule 13d-1 (b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance with
Rule 13d-1 (b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the Federal
Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to 13d-1(c), check this box: [x]
CUSIP No. 886374107 13G Page 8 of 12 Pages
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ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned:
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EOP may be deemed to beneficially own 739,900 Shares. WR LLC
may be deemed to beneficially own 739,900 Shares as a result of its voting and
dispositive power over the 739,900 Shares held by EOP.
Messrs. Goldstein and Usdan may each be deemed to beneficially
own 739,900 Shares by virtue of their ultimate voting and dispositive power over
the 739,900 Shares held by EOP.
(b) Percentage Beneficially Owned:
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Based on calculations made in accordance with Rule 13d-3(d), and
there being 12,174,988 Shares outstanding as of June 18, 2010, as disclosed in
the 424B5 filing that was filed on June 15, 2010 and the Form 8-K that was filed
on June 18, 2010: (i) EOP may be deemed to beneficially own approximately
6.1% of the outstanding Shares; (ii) WR LLC may be deemed to beneficially own
approximately 6.1% of the outstanding Shares; (iii) Mr. Goldstein may be deemed
to beneficially own approximately 6.1% of the outstanding Shares; and (iv) Mr.
Usdan may be deemed to beneficially own approximately 6.1% of the outstanding
Shares.
CUSIP No. 886374107 13G Page 9 of 12 Pages
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(c) Number of Shares as to Which Such Person Has:
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(i) EOP may be deemed to have sole power to direct the
voting and disposition of the 739,900 Shares it beneficially owns.
(ii) WR LLC may be deemed to have sole power to direct the
voting and disposition of the 739,900 Shares it beneficially owns by virtue of
the relationships described in Item 2.
(iii) By virtue of the relationships between and among the
Reporting Persons as described in Item 2, each of Messrs. Goldstein and Usdan
may be deemed to share the power to direct the voting and disposition of 739,900
Shares.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
EOP is a private investment partnership, the general partner of
which is WR LLC. As the general partner of EOP, WR LLC has the power to vote and
dispose of the securities owned by EOP and, accordingly, may be deemed the
"beneficial owner" of such securities. The managing members of the General
Partner are Mr. Goldstein and Mr. Usdan.
The limited partners and the general partner of EOP have the right
to participate in the receipt of dividends from, or proceeds from the sale of,
the securities held for the account of EOP in accordance with their
ownership interests in EOP.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
See Item 2.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
By signing below we certify that, to the best of our knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and not held in connection with
or as a participant in any transaction having that purpose or effect.
CUSIP No. 886374107 13G Page 10 of 12 Pages
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
DATED: June 25, 2010
ENDICOTT OPPORTUNITY PARTNERS III, L.P.
By: W.R. Endicott III, L.L.C.,
its general partner
By: /s/ Wayne K. Goldstein
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Name: Wayne K. Goldstein
Title: Managing Member
W.R. Endicott III, L.L.C.
By: /s/ Wayne K. Goldstein
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Name: Wayne K. Goldstein
Title: Managing Member
/s/ Wayne K. Goldstein
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Wayne K. Goldstein
/s/ Robert I. Usdan
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Robert I. Usdan
CUSIP No. 886374107 13G Page 11 of 12 Pages
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EXHIBIT INDEX
Exhibit 1. Joint Filing Agreement as required by Rule 13d-1(k)(1) under the
Securities Exchange Act of 1934, as amended.
CUSIP No. 886374107 13G Page 12 of 12 Pages
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EXHIBIT 1
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing statement on
Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing statements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning him, her or it contained herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other entities or persons, except to the extent that he, she or it knows or has
reason to believe that such information is inaccurate.
DATED: June 25, 2010
ENDICOTT OPPORTUNITY PARTNERS III, L.P.
By: W.R. Endicott III, L.L.C.,
its general partner
By: /s/ Wayne K. Goldstein
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Name: Wayne K. Goldstein
Title: Managing Member
W.R. Endicott III, L.L.C.
By: /s/ Wayne K. Goldstein
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Name: Wayne K. Goldstein
Title: Managing Member
/s/ Wayne K. Goldstein
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Wayne K. Goldstein
/s/ Robert I. Usdan
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Robert I. Usdan