CNB Financial Corporation Announces Proposed Public Offering of $87 Million of its Common Stock
15 Septembre 2022 - 10:50PM
CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent
company of CNB Bank, announced today that it has commenced an
underwritten public offering of $87 million of its common stock. In
addition, CNB expects to grant the underwriters a 30-day option to
purchase an aggregate of up to an additional 15% of the number of
shares of common stock sold in the offering to cover over
allotments. Any shares sold pursuant to such option would be
purchased by the underwriters at the same price per share.
CNB intends to use the net proceeds from the
offering for general corporate purposes, which may include working
capital and the funding of organic growth or potential
acquisitions.
PNC FIG Advisory, part of PNC Capital Markets LLC,
and Janney Montgomery Scott LLC are acting as joint book-running
managers for the offering.
The shares of common stock are being offered and
sold pursuant to an effective shelf registration statement that CNB
previously filed with the Securities and Exchange Commission (the
“SEC”). A preliminary prospectus supplement and the accompanying
prospectus related to the offering are being filed with the SEC and
will be available at the SEC’s website located at www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
by contacting PNC FIG Advisory, part of PNC Capital Markets LLC at
PNCFIGAdvisoryCapitalMarkets@pnc.com or Janney Montgomery Scott LLC
at prospectus@janney.com.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any security of CNB,
which is made only by means of the prospectus supplement and the
accompanying prospectus, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The common stock to be offered in the public offering
will not be insured by the Federal Deposit Insurance Corporation or
any other governmental agency.
About CNB Financial
Corporation
CNB Financial Corporation is a financial holding
company with consolidated assets of approximately $5.3 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, three loan
production offices, one drive-up office and 46 full-service offices
in Pennsylvania, Ohio, New York and Virginia. CNB Bank’s 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; and
Ridge View Bank, with offices in the Southwest Virginia region. CNB
Bank is headquartered in Clearfield, Pennsylvania, with offices in
Central and North Central Pennsylvania. Additional information
about CNB Financial Corporation may be found at
www.CNBBank.bank.
Forward-Looking Statements
This press release includes forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
are intended to be covered by the safe harbor for “forward-looking
statements” provided by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements are those that are not
historical facts. Forward-looking statements include statements
with respect to beliefs, plans, objectives, goals, expectations,
anticipations, estimates and intentions that are subject to
significant risks and uncertainties and are subject to change based
on various factors (some of which are beyond CNB’s control).
Forward-looking statements often include the words “believes,”
“expects,” “anticipates,” “estimates,” “forecasts,” “intends,”
“plans,” “targets,” “potentially,” “probably,” “projects,”
“outlook” or similar expressions or future conditional verbs such
as “may,” “will,” “should,” “would” and “could.” CNB’s actual
results may differ materially from those contemplated by the
forward-looking statements, which are neither statements of
historical fact nor guarantees or assurances of future performance.
For more information about factors that could cause actual results
to differ from those discussed in the forward-looking statements,
please refer to the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of and forward-looking statement disclaimers in CNB’s annual and
quarterly reports filed with the SEC.
The forward-looking statements are based upon
management’s beliefs and assumptions and are made as of the date of
this press release. CNB undertakes no obligation to publicly update
or revise any forward-looking statements included in this press
release or to update the reasons why actual results could differ
from those contained in such statements, whether as a result of new
information, future events or otherwise, except to the extent
required by law. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this press
release might not occur and you should not put undue reliance on
any forward-looking statements.
Contact: Tito L. Lima
Treasurer
(814) 765-9621
CNB Financial (NASDAQ:CCNE)
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