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CNB Financial Corporation Announces Proposed Public Offering of $87 Million of its Common Stock
CLEARFIELD, Pa., Sept. 15, 2022 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, announced today that it
About this update from Cnb Financial Corporation
[{"type":"text","content":"CLEARFIELD, Pa., Sept. 15, 2022 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, announced today that it has commenced an underwritten public offering of $87 million of its common stock. In addition, CNB expects to grant the underwriters a 30-day option to purchase an aggregate of up to an additional 15% of the number of shares of common stock sold in the offering to cover over allotments. Any shares sold pursuant to such option would be purchased by the underwriters at the same price per share. CNB intends to use the net proceeds from the offering for general corporate purposes, which may include working capital and the funding of organic growth or potential acquisitions. PNC FIG Advisory, part of PNC Capital Markets LLC, and Janney Montgomery Scott LLC are acting as joint book-running managers for the offering. The shares of common stock are being offered and sold pursuant to an effective shelf registration statement that CNB previously filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and the accompanying prospectus related to the offering are being filed with the SEC and will be available at the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained by contacting PNC FIG Advisory, part of PNC Capital Markets LLC at [email protected] or Janney Montgomery Scott LLC at [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security of CNB, which is made only by means of the prospectus supplement and the accompanying prospectus, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The common stock to be offered in the public offering will not be insured by the Federal Deposit Insurance Corporation or any other governmental agency. About CNB Financial Corporation CNB Financial Corporation is a financial holding company with consolidated assets of approximately $5.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, ...