CNB Financial Corporation Announces Pricing of Public Offering of Common Stock
16 Septembre 2022 - 1:07PM
CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent
company of CNB Bank, announced today the pricing of its
underwritten public offering of 3,702,127 shares of its common
stock at a public offering price of $23.50 per share, resulting in
gross proceeds of approximately $87 million. The net proceeds to
CNB after deducting the underwriting discount and estimated
offering expenses are expected to be approximately $81.7
million. 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.
In addition, CNB has granted the underwriters a
30-day option to purchase an aggregate of up to an additional
555,319 shares of common stock.
PNC FIG Advisory, part of PNC Capital Markets LLC,
and Janney Montgomery Scott LLC are acting as joint book-running
managers for the offering.
CNB expects to close the offering, subject to
customary conditions, on or about September 21, 2022. 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”). Copies of the
preliminary prospectus supplement relating to the offering and the
final prospectus supplement, when available, may be obtained
by visiting the SEC’s website located at www.sec.gov or 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 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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