CNB Bank Establishes Second-Largest NCPA LaunchBox Endowment To Date

DUBOIS – CNB Bank, headquartered in Clearfield, has established the second-largest endowment to date in support of the North Central PA LaunchBox powered by Penn State DuBois (NCPA LaunchBox).

The organization has pledged $150,000, matched one-to-one by Penn State through a recently concluded matching gifts program, providing a $300,000 endowment to support operating costs for the NCPA LaunchBox.

CNB Bank was originally established as The County National Bank of Clearfield in 1856, survived the Great Depression in the 1930s, and continued to grow, reorganize and become the full-service bank it is today.

Brad Lashinsky, director of the NCPA LaunchBox, and John Williams, technician for the Idea Lab, provided CNB Bank leadership with a tour and demonstration of the recently upgraded Idea Lab and discussed capabilities for entrepreneurs, local industries and additional collaborations.

Michael Peduzzi, president and chief executive officer for CNB Bank fully believes in the power of partnership, stating, “We look for ways to partner with and wisely invest in our communities, and we see the LaunchBox opportunity, and the incredible technology here, as an ability for us to help Penn State DuBois connect with the same customers that we want to see have financial success. We want to be able to keep jobs in the area, as well as support the growth and incredible technological benefits that extend well beyond the borders of DuBois. We’re thrilled to support these opportunities with our investment.”

Jungwoo Ryoo, chancellor and chief academic officer for Penn State DuBois stated, ”Today’s another great day at our Idea Lab because this allows us to reaffirm the support coming from the community, in this case, CNB Bank. The leaders who visited our lab are very excited about all the differences they’re making through their very generous gift.”

Lashinksy commented, “On behalf of the NCPA LaunchBox, I would like to personally thank CNB Bank for their extremely generous endowment. Our campus and community are very excited to have CNB Bank recognize the importance of growing and attracting talented entrepreneurs and innovators both within and outside of our region. This endowment will help us with our mission to provide programming which will accomplish these goals.”

Since 2015, the Invent Penn State initiative has awarded seed grants to 21 campuses to create LaunchBoxes and innovation spaces, and to date, the NCPA LaunchBox has served over 14,700 clients, including 42 new start-ups. This mission is continuously driven through collaboration with area industry and communities.

Launched in 2019, the North Central PA LaunchBox provides no-cost services such as assistance with business plan development, assistance with grant applications, educational seminars for entrepreneurs, workforce training and more. A downtown location contains offices for industry partners, a conference area and coworking space that provide facilities fitting the needs of LaunchBox clients performing research and development for their products and services.

The LaunchBox also innovates solutions for area businesses and individuals in the on-campus Idea Lab. Featuring 12 3D printers, 3D scanning hardware and software, and a vinyl printer/cutter, the lab is available to anyone in search of help in developing a prototype, reverse engineering, and inspection.

Lashinsky is available to assist businesses and individuals in finding ways to meet their unique needs. He can be reached at 814-375-4704 or bwl128@psu.edu.

With the record-breaking success of “A Greater Penn State for 21st Century Excellence,” which raised $2.2 billion from 2016 to 2022, philanthropy is helping to sustain the University’s tradition of education, research and service to communities across the Commonwealth and around the globe. Scholarships enable our institution to open doors and welcome students from every background, support for transformative experiences allows our students and faculty to fulfill their vast potential for leadership, and gifts toward discovery and excellence help us to serve and impact the world we share. To learn more about the impact of giving and the continuing need for support, please visit raise.psu.edu.

For information on all giving at Penn State DuBois, contact Director of Development Jean Wolf at 814-372-3038 or jaw57@psu.edu.