CNB Financial, ESSA Bancorp announces strategic merger

CNB Financial Corporation (CCNE), parent company of CNB Bank, and ESSA Bancorp (ESSA), parent company of ESSA Bank & Trust, jointly announced that they have entered into a definitive agreement pursuant to which ESSA will merge with and into CNB, and ESSA Bank will merge with and into CNB Bank. The combined company is expected to have approximately $8 billion in total assets, $7 billion in total deposits, and $6 billion in total loans. The transaction consideration is all common stock and is presently valued at approximately $214 million in the aggregate, or approximately $21.10 per ESSA share, based upon the 10-day volume weighted average stock price of $24.69 for CNB common stock as of January 8, 2025.