Cnb Financial Corporation · NASDAQ:CCNE
Cnb Financial — Merger or Acquisition (December 2019)
9 slides from Cnb Financial's merger presentation, Dec 18, 2019
Slide 1: Acquisition of Bank of Akron
Acquisition of Bank of Akron December 2019 Exhibit 99.2
Slide 2: Important Information for Investors
IMPORTANT INFORMATION FOR INVESTORS This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The proposed transaction will be submitted to the shareholders of Bank of Akron for their consideration. In conn
Slide 3: Strategically Compelling Transaction
Strategically Compelling Transaction Transaction rationale In market expansion for high growth BankOnBuffalo division of CNB Nearly doubles division assets to over $1 billion Consolidation of larger competitors in Western New York has left a void in serving smaller commercial banking clientele; Bank
Slide 4: Transaction Overview
Transaction Overview Merger consideration Bank of Akron shareholders will receive 6.6729 CNB shares or $215.00 per share in cash, subject to 75% of consideration being in CNB stock (aggregate consideration approximately $64.5 million) Pro forma ownership Bank of Akron shareholders will own approxima
Slide 5: Bank of Akron (OTC Pink: BARK)
Bank of Akron OTC Pink: BARK CNB Bank Bank of Akron $389 million asset community bank Established in 1900 Significantly owned by one extended family that has controlled the bank for three generations, dating back to the grandfather of the recently retired President rescuing the bank from the Great D
Slide 6: Bank of Akron Loan and Deposit Composition
Bank of Akron OTC Pink: BARK Loan Composition Deposit Composition
Slide 7: BankOnBuffalo, a division of CNB Bank
A division of CNB Bank formed in 2016 President Martin Griffith is long time local banker well known to the market Primarily focused on the large number of commercial and industrial businesses in Erie and Niagara counties of NY Division headquartered in the Electric Tower building in downtown Buffal
Slide 8: Source: Company data as of September 30, 2019
Source: Company data as of September 30, 2019
Slide 9: Key Merger Assumptions
Key Merger Assumptions Credit mark Gross loan credit mark projected to be 2.20% of total loans (1.43% excluding CECL) $2.6 million against non-PCD (purchased credit deteriorated) loans $2.2 million against PCD loans Additional CECL impact of $2.6 million on non-PCD loans (expense at closing and addi
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