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CNB Financial Corporation Completes Merger with ESSA Bancorp, Inc.
CLEARFIELD, Pa., July 24, 2025 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Company”) (NASDAQ: CCNE) announced that it completed the merger
About this update from Cnb Financial Corporation
[{"type":"text","content":"CLEARFIELD, Pa., July 24, 2025 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Company”) (NASDAQ: CCNE) announced that it completed the merger (“Merger”) of ESSA Bancorp, Inc. (“ESSA”) with and into CNB on July 23, 2025. In connection with the Merger, ESSA’s subsidiary bank, ESSA Bank & Trust, has been merged with and into CNB’s subsidiary bank, CNB Bank, and ESSA’s offices will operate going forward under the brand of ESSA Bank, a division of CNB Bank. The transaction has extended CNB Bank’s branch network into the Northeastern Region including the Lehigh Valley of Pennsylvania. With the addition of ESSA’s 20 community offices, CNB Bank now has 78 branches across its four-state footprint. “We are so pleased to welcome ESSA Bank & Trust customers and employees into the CNB family as a result of this merger,” said CNB President and CEO Michael D. Peduzzi. “At CNB, we focus on providing exceptional experiences to our customers, colleagues, and communities. Adding the ESSA markets to our service area, with branches and employees that have a very similar cultural and service-based focus, is a natural extension of our brand and our operating profile. We believe this merger will catalyze greater achievement of our strategic asset and profitability growth objectives by embracing these vibrant markets in Northeastern Pennsylvania. We look forward to building on the relationships ESSA has established with its customers, communities and shareholders as we focus on continuing to support all stakeholders with a smooth and positive transition.” Consistent with the terms of the merger agreement, Gary S. Olson (ESSA CEO), Robert C. Selig Jr. (ESSA Chairman), and Daniel J. Henning (ESSA Director) will fill 3 new CNB and CNB Bank board seats. Mr. Olson will also have a role as strategic advisor to CNB’s CEO. Additionally, CNB Bank formed an Advisory Board for the ESSA Bank division. Stephens Inc. served as CNB’s exclusive financial advisor, and Hogan Lovells US LLP served as its legal advisor. Piper Sandler & Co rendered a fairness opinion to CNB’s board. PNC FIG Advisory, part of PNC Capital Markets LLC, served as ESSA’s exclusive financial advisor and rendered a fairness opinion to ESSA’s board, and Luse Gorman, PC served as its legal advisor. About CNB Financial CorporationCNB Financial Corporation is a financial holding company ...