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April 28, 2009

Mahoney Resigns As Commonwealth Bank CFO

William M. Mahoney, Commonwealth National Bank's CFO, has resigned and his last day will be May 15, according to a U.S Securities and Exchange Commission document filed Monday by the bank.

Mahoney made his resignation official April 21. There was no reason given for the resignation and bank officials could not be reached for comment today.

He has also resigned from his position as CFO in the bank's parent company, CNB Financial Corp., both of which are based in Worcester.

Mahoney has served in those two positions since the holding company's creation in December 2005. He helped organize Commonwealth National Bank in December 2000.

Before coming to CNB Financial Corp. and the bank, he was with BankBoston Financial Corp. Before that he was the CFO of Mechanics Bank in Worcester from 1981 until it was bought by Bank of Boston in 1994. Mahoney is a graduate of Providence College and the Stonier Graduate School of Banking and received an MBA from the University of Connecticut.

In March, CNB reported a loss of $1.6 million for 2008, compared to a profit of $397,000 for 2007. The 2008 loss was caused by the decline of market value in Freddie Mae and Freddie Mac stock in the company's investment portfolio.

CNB President and CEO Charles Valade said in March that despite the losses, the bank's loans, total assets and net interest margin had all significantly improved: total assets grew by 2 percent, loans grew by 12 percent and net interest income increased by 18 percent last year over 2007.

The company and the bank continued to exceed the levels necessary to be considered "well-capitalized" by regulators, Valade said.

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