ESSA Bancorp to be acquired by CNB Financial for ~$214M in stock; combined assets ~$8B
ESSA Bancorp, Inc.
ESSA shareholders to receive 0.8547 CNB shares per share; deal valued ~$214M aggregate (~$21.10 per ESSA share).
Combined pro forma assets ~$8B, deposits ~$7B, loans ~$6B; no branch overlap.
Deal expected to close Q3 2025, subject to regulatory and shareholder approvals; termination fee $8.8M if ESSA fails.
Three ESSA directors (Olson, Selig, Henning) to join CNB and CNB Bank boards; Olson to serve as strategic advisor.
Three ESSA executives (Olson, Gray, Hangen) receive cash payments ($3.7M, $1.7M, $1.6M) upon closing in exchange for non-compete and termination of employment.
The Agreements provide that effective as of, and contingent on, the closing of the Merger, the executives’ employment agreements will be terminated, and the executives will not be entitled to any further payments thereunder.
Departed
Gary S. Olson
Other Named Officer
ESSA Bancorp, Inc.
Filed
January 10, 2025, 6:59 PM ET
The Agreements provide that effective as of, and contingent on, the closing of the Merger, the executives’ employment agreements will be terminated, and the executives will not be entitled to any further payments thereunder.
Departed
Peter A. Gray
Other Named Officer
ESSA Bancorp, Inc.
Filed
January 10, 2025, 6:59 PM ET
The Agreements provide that effective as of, and contingent on, the closing of the Merger, the executives’ employment agreements will be terminated, and the executives will not be entitled to any further payments thereunder.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.9
Charles D. Hangen was terminated as other_named_officer at ESSA Bancorp, Inc..
Action
terminated
Exact text from the filing
The Agreements provide that effective as of, and contingent on, the closing of the Merger, the executives’ employment agreements will be terminated, and the executives will not be entitled to any further payments thereunder.
Gary S. Olson was terminated as other_named_officer at ESSA Bancorp, Inc..
Action
terminated
Exact text from the filing
The Agreements provide that effective as of, and contingent on, the closing of the Merger, the executives’ employment agreements will be terminated, and the executives will not be entitled to any further payments thereunder.
Peter A. Gray was terminated as other_named_officer at ESSA Bancorp, Inc..
Action
terminated
Exact text from the filing
The Agreements provide that effective as of, and contingent on, the closing of the Merger, the executives’ employment agreements will be terminated, and the executives will not be entitled to any further payments thereunder.
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