CNB Financial, ESSA Bancorp receive bank regulatory approvals for merger

CNB Financial (CCNE) and ESSA Bancorp (ESSA) announced that they have received the necessary bank regulatory approvals to complete the proposed merger of ESSA with and into CNB and ESSA Bank & Trust with and into CNB Bank. The Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities approved the merger of ESSA Bank with and into CNB Bank, and CNB received a waiver from the Federal Reserve Bank of Philadelphia for any application with respect to the merger of ESSA with and into CNB. On January 9, CNB, CNB Bank, ESSA and ESSA bank entered into an agreement and plan of merger pursuant to which ESSA will merge with and into CNB in an all-stock transaction, and immediately after, ESSA Bank will merge with and into CNB Bank. The merger is expected to close on July 23, pending customary closing conditions.