CNB Financial, ESSA Bancorp complete merger

CNB Financial Corporation (CCNE) completed the merger of ESSA Bancorp (ESSA) with and into CNB on July 23. 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. Consistent with the terms of the merger agreement, Gary Olson, Robert Selig Jr., and Daniel Henning 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.