Essa Bancorp Announces Strategic Merger with CNB Financial

Essa Bancorp ( (ESSA) ) just unveiled an update.

ESSA Bancorp, Inc. has entered into a merger agreement with CNB Financial Corporation, where ESSA will merge into CNB and ESSA Bank & Trust will merge into CNB Bank. This strategic merger, valued at approximately $214 million, will result in the combined company having $8 billion in assets and expanding CNB’s presence in eastern Pennsylvania. The merger is expected to be financially beneficial with CNB projecting significant accretion to earnings per share by 2026 and a strong pro forma balance sheet, enhancing its market position in Pennsylvania.

More about Essa Bancorp

ESSA Bancorp, Inc. is the holding company for its wholly-owned subsidiary, ESSA Bank & Trust, offering a full range of commercial and retail financial services, asset management, trust services, investment services, and insurance benefits through its 20 community offices located in the Lehigh Valley, Greater Pocono, Scranton/Wilkes-Barre, and suburban Philadelphia areas. ESSA is known for its client-focused services and commitment to community banking.

YTD Price Performance: -2.66%

Average Trading Volume: 11,961

Technical Sentiment Consensus Rating: Sell

Current Market Cap: $189.2M

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