CNB Financial Corporation Completes Merger with ESSA Bancorp, Inc.

Core Viewpoint - CNB Financial Corporation has successfully completed the merger with ESSA Bancorp, Inc., enhancing its branch network and market presence in the Northeastern Region of Pennsylvania [1][2]. Group 1: Merger Details - The merger was finalized on July 23, 2025, with ESSA's subsidiary bank, ESSA Bank & Trust, merging into CNB's subsidiary, CNB Bank [1]. - ESSA's 20 community offices will now operate under the brand of ESSA Bank, a division of CNB Bank, increasing CNB Bank's total branches to 78 across four states [2]. Group 2: Strategic Implications - CNB's President and CEO, Michael D. Peduzzi, expressed optimism about the merger, highlighting the cultural and service alignment between CNB and ESSA, which is expected to drive strategic asset and profitability growth [3]. - The merger is anticipated to strengthen relationships with customers, communities, and shareholders, ensuring a smooth transition [3]. Group 3: Advisory and Legal Support - Stephens Inc. acted as CNB's exclusive financial advisor, while Hogan Lovells US LLP provided legal advice [4]. - Piper Sandler & Co. and PNC FIG Advisory rendered fairness opinions to their respective boards [4]. Group 4: Company Overview - CNB Financial Corporation is a financial holding company with consolidated assets exceeding $8.0 billion, primarily operating through CNB Bank, which offers a full range of banking services [5]. - CNB Bank has a diverse operational structure, including various divisions and a significant presence in Pennsylvania, Ohio, New York, and Virginia [5].