CNB FINANCIAL CORP/PA (CCNE): M&A transaction — CNB Financial completes ESSA Bancorp merger; ESSA shares converted at 0.8547-for-1

CNB FINANCIAL CORP/PA

ESSA shareholders received 0.8547 CNB shares per ESSA share; cash for fractional shares.
CNB Bank adds 20 ESSA branches, now totals 78 branches across 4 states.
Gary S. Olson, Robert C. Selig Jr., and Daniel J. Henning appointed to CNB and CNB Bank boards.
Olson will serve as Special Advisor to CNB CEO through Aug 7, 2025, with $601,874 base salary.
Olson receives ~$35,000 in restricted CNB stock under the 2025 Omnibus Incentive Plan.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CNB FINANCIAL CORP/PA completed an acquisition involving ESSA Bancorp, Inc. for 0.8547 shares of CNB common stock (closed 2025-07-23).

Action: acquisition
Counterparty: ESSA Bancorp, Inc.
Consideration: 0.8547 shares of CNB common stock
Closing: 2025-07-23

Exact text from the filing

Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of ESSA common stock was converted into the right to receive 0.8547 shares of CNB common stock, with cash payable in lieu of any fractional shares. A copy of CNB’s press release dated July 24, 2025, announcing the completion of the Merger, is

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Source: SEC EDGAR

accession 0001193125-25-163861

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