CLEARFIELD, Pa., Aug. 20, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, announced today the pricing of its underwritten public offering (the “Offering”) of 2,100,000 depositary shares, each of which represents a 1/40th interest in a share of its 7.125% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (equivalent to $25.00 per depositary share). The Corporation has granted the underwriters an option, exercisable in whole or in part for 30 days, to purchase up to an additional 315,000 depositary shares at the public offering price, less the underwriting discount. The Corporation expects to close the offering, subject to customary conditions, on or about August 25, 2020.
The Corporation has filed an application to list the depositary shares on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “CCNEP”. If the application is approved, trading of the depositary shares on Nasdaq is expected to begin within 30 days after the closing date.
CNB expects the gross proceeds from the Offering to be $52.5 million (or $60.375 million if the underwriters exercise their option to purchase additional depositary shares in full). Net proceeds to the Corporation, after deducting the underwriting discount but before deducting estimated offering expenses and fees payable by the Corporation, are expected to be $50.8 million (or $58.5 million if the underwriters exercise their option to purchase additional depositary shares in full). The Corporation 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.
Janney Montgomery Scott and Boenning & Scattergood, Inc. are serving as joint book-running managers for the Offering.
About CNB Financial Corporation and CNB Bank
CNB Financial Corporation (NASDAQ: CCNE) is a financial holding company with consolidated assets of approximately $4.9 billion that conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office and 45 full-service offices in Pennsylvania, Ohio, and New York. CNB Bank’s divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in northwest Pennsylvania and northeast Ohio; FCBank, based in Worthington, Ohio, with offices in central Ohio; and BankOnBuffalo, based in Buffalo, New York, with offices in northern New York. CNB Bank is headquartered in Clearfield, Pennsylvania, with offices in central and north central Pennsylvania. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.
