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S&T BANCORP THANKS FRANK J. PALERMO, JR.

1. Frank J. Palermo, Jr. retires after 12 years on S&T's board. 2. Palermo will remain until May 2025 Annual Meeting of Shareholders. 3. His background in finance contributed strategic expertise to S&T's board. 4. Christine Toretti and Chris McComish praised Palermo's contributions. 5. S&T Bancorp operates with a strong legacy, founded in 1902.

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FAQ

Why Neutral?

Board changes are normal, but Palermo’s expertise was significant. Historical transitions typically cause moderate reactions in stock prices.

How important is it?

Palermo’s retirement indicates a transition that could affect investor confidence temporarily. However, S&T's established legacy mitigates significant long-term impacts.

Why Short Term?

Immediate reaction may occur due to board changes, but long-term effects are minimal. Recent similar scenarios within industry show quick stabilization post-announcement.

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, /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, previously announced that after 12 years on S&T's board, Frank J. Palermo, Jr., has reached the mandatory retirement age set forth in their corporate governance guidelines and, therefore, will not stand for reelection. S&T thanks Palermo for his dedicated service and reports that he will serve out the remainder of his term until its expiration immediately following the May 13, 2025 Annual Meeting of Shareholders. "Frank's experience and knowledge made him a valuable asset to S&T Bancorp and the board of directors, and we wish him well in his retirement," said Christine Toretti, Chairman of the S&T Bank Board of Directors. Palermo has been the managing shareholder of the accounting firm, Palermo, Kissinger & Associates, P.C. since 1983 and he is also a Certified Public Accountant. He was integral in forming Gateway Bank of Pennsylvania where he was chairman of the audit committee from 2004 through 2012, at which time Gateway was acquired by S&T. Palermo has also served as a Certified Valuation Analyst, a vice president and controller at a community bank and additionally, his career includes 43 years in public accounting. "Frank's extensive background in finance brought strategic fiscal expertise and perspectives to our board, particularly in his role as chair of S&T's audit committee," stated Chris McComish, chief executive officer. "We thank him for his contributions and dedication since 2013." About S&T Bancorp, Inc. and S&T Bank S&T Bancorp, Inc. is a $9.7 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in Pennsylvania and Ohio. For more information, visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn. SOURCE S&T Bancorp, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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