CNB Financial Corporation and ESSA Bancorp have received regulatory approvals for their upcoming merger, set to finalize on July 23, 2025.
Quiver AI Summary
CNB Financial Corporation and ESSA Bancorp Inc. have received the necessary regulatory approvals to proceed with their merger, which involves ESSA Bank merging into CNB Bank and ESSA merging into CNB. The Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities have approved the merger, and CNB has received a waiver from the Federal Reserve Bank of Philadelphia. Both companies' CEOs expressed enthusiasm for the merger, highlighting its potential to expand services and better meet community needs. The merger is expected to close on July 23, 2025, pending customary conditions. CNB Financial operates with assets of approximately $6.3 billion and offers a wide range of banking services, while ESSA Bancorp, with $2.2 billion in assets, provides various financial services through its network of community offices.
Potential Positives
- CNB Financial Corporation and ESSA Bancorp Inc. received the necessary bank regulatory approvals to proceed with their proposed merger, a significant milestone for both entities.
- The merger is expected to enhance CNB's capabilities and efficiencies, allowing for better service to their combined customer base and communities.
- The approval boosts investor confidence in CNB's strategic growth plan through M&A, potentially attracting more investments.
- Combining ESSA's and CNB's resources may lead to an expanded range of financial products and services for customers, reinforcing their market position.
Potential Negatives
- Potential difficulties in successfully integrating ESSA's business into CNB, which could be more complex, time-consuming, or costly than anticipated.
- Significant transaction costs and possible unknown liabilities associated with the merger.
- The risk of shareholder litigation related to the proposed merger could lead to additional expenses or delays.
FAQ
What is the proposed merger between CNB and ESSA?
The proposed merger involves ESSA Bancorp integrating with CNB Financial Corporation, including a merger of their respective banks.
When is the merger expected to close?
The merger is anticipated to close on July 23, 2025, pending customary closing conditions.
What regulatory approvals have been received for the merger?
The merger has received approvals from the Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities.
How will the merger benefit customers?
The merger aims to enhance customer service, expand product offerings, and maintain a relationship-focused approach.
Where are CNB and ESSA's headquarters located?
CNB is headquartered in Clearfield, Pennsylvania, while ESSA is based in Stroudsburg, Pennsylvania.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CCNE Insider Trading Activity
$CCNE insiders have traded $CCNE stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $CCNE stock by insiders over the last 6 months:
- MARTIN T. GRIFFITH (SEVP/Chief Revenue Officer) sold 737 shares for an estimated $18,646
- LEANNE D KASSAB (SEVP/Chief Experience Officer) sold 442 shares for an estimated $11,182
- STEVEN R SHAFFNER SHILLING (EVP/Chief Wealth Mngt Officer) sold 442 shares for an estimated $11,182
- ANGELA D. WILCOXSON (EVP/Chief Commercial Banking) sold 339 shares for an estimated $8,576
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CCNE Hedge Fund Activity
We have seen 65 institutional investors add shares of $CCNE stock to their portfolio, and 59 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added 112,370 shares (+78.0%) to their portfolio in Q1 2025, for an estimated $2,500,232
- ROYCE & ASSOCIATES LP removed 101,422 shares (-28.0%) from their portfolio in Q1 2025, for an estimated $2,256,639
- SEGALL BRYANT & HAMILL, LLC added 96,980 shares (+inf%) to their portfolio in Q1 2025, for an estimated $2,157,805
- STIEVEN CAPITAL ADVISORS, L.P. added 79,312 shares (+37.4%) to their portfolio in Q1 2025, for an estimated $1,764,692
- MALTESE CAPITAL MANAGEMENT LLC removed 55,600 shares (-27.6%) from their portfolio in Q1 2025, for an estimated $1,237,100
- CRESSET ASSET MANAGEMENT, LLC added 48,926 shares (+inf%) to their portfolio in Q1 2025, for an estimated $1,088,603
- AMERICAN CENTURY COMPANIES INC added 48,011 shares (+10.5%) to their portfolio in Q1 2025, for an estimated $1,068,244
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$CCNE Analyst Ratings
Wall Street analysts have issued reports on $CCNE in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Stephens issued a "Overweight" rating on 04/14/2025
To track analyst ratings and price targets for $CCNE, check out Quiver Quantitative's $CCNE forecast page.
Full Release
CLEARFIELD, Pa. and STROUDSBURG, Pa., June 30, 2025 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB”) (NASDAQ: CCNE) and ESSA Bancorp Inc. (“ESSA”) (NASDAQ: ESSA) are pleased to announce that they have received the necessary bank regulatory approvals to complete the proposed merger (the “Merger”) of ESSA with and into CNB and ESSA Bank & Trust (“ESSA Bank”) with and into CNB Bank (“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.
“We are pleased to have received the required bank regulatory approvals or waivers to move forward with the Merger,” said Michael D. Peduzzi, President and Chief Executive Officer of CNB. “This marks an exciting milestone as we bring together two strong institutions with shared values and a commitment to client-focused services and great experiences for all of our stakeholders. We look forward to welcoming ESSA customers, employees, and shareholders to CNB. Together, we will expand our reach, enhance our capabilities and efficiencies, and better meet the needs of the communities we serve.”
“We are excited to move ahead with our proposed merger with CNB,” commented Gary Olson, President and Chief Executive Officer of ESSA and ESSA Bank. He added, “Joining the CNB family will benefit our customers and communities as they will continue to be served by a combined organization that upholds our shared culture and values, maintains our relationship-focused approach, and offers an elevated suite of financial products and services.”
On January 9, 2025, 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, 2025, pending customary closing conditions.
About CNB Financial Corporation
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation 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, one drive-up office, one mobile office, and 55 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These 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; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.
About ESSA Bancorp, Inc.
ESSA Bancorp, Inc. is the holding company for its wholly owned subsidiary, ESSA Bank & Trust, which was formed in 1916. The company has total assets of $2.2 billion. Headquartered in Stroudsburg, Pennsylvania, the company has two regional offices in Allentown and Radnor, and operates 19 community offices throughout the greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre, and suburban Philadelphia areas. ESSA Bank & Trust offers a full range of commercial and retail financial services, asset management and trust services, investment services through Ameriprise Financial Institutions Group and insurance benefit services through ESSA Advisory Services, LLC. ESSA Bancorp Inc. stock trades on the NASDAQ Global Market (SM) under the symbol "ESSA".
Forward-Looking Statements
This communication contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about CNB and ESSA and their industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding CNB’s or ESSA’s future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to CNB or ESSA, are forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should” and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results.
Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (i) CNB’s and ESSA’s ability to complete the proposed merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to satisfaction of other closing conditions to consummate the proposed merger; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed merger; (iii) risks related to diverting the attention of management from ongoing business operations; (iv) failure to realize the expected benefits of the proposed merger; (v) significant transaction costs and/or unknown or inestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed merger, including resulting expense or delay; (vii) the risk that ESSA’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (viii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the proposed merger; (ix) the effect of the announcement of the proposed merger on the ability of CNB and ESSA to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (x) risks related to the market value of the CNB common stock to be issued in the proposed merger; (xi) other risks related to the completion of the proposed merger and actions related thereto; (xii) the dilution caused by CNB’s issuance of additional shares of its capital stock in connection with the proposed merger; (xiii) national, international, regional and local economic and political climates and conditions; (xiv) changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; and (xv) legislative and regulatory changes. Further information about these and other relevant risks and uncertainties may be found in CNB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, in ESSA’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and in subsequent filings CNB and ESSA make with the Securities and Exchange Commission (“SEC”).
Forward-looking statements speak only as of the date they are made. CNB and ESSA do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.