CNB Financial Completes Acquisition of First National Bank of Marysville Assets

TL;DR

CNB Financial just bought parts of First National Bank of Marysville for $175M in deposits and $140M in loans.

AI Summary

CNB Financial Corporation announced on May 2, 2024, that it has completed its previously announced acquisition of certain assets and assumption of certain liabilities of The First National Bank of Marysville. The transaction involved the transfer of approximately $175 million in deposits and $140 million in loans. This strategic move aims to expand CNB Financial's presence in the central Pennsylvania market.

Why It Matters

This acquisition allows CNB Financial to grow its market share and customer base in central Pennsylvania, potentially leading to increased revenue and profitability.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks related to integration, customer retention, and potential unforeseen liabilities.

Key Numbers

• $175 million — Deposits Acquired (Represents the scale of customer funds transferred in the acquisition.)
• $140 million — Loans Acquired (Represents the volume of loan assets taken over in the acquisition.)

Key Players & Entities

• CNB Financial Corporation (company) — Acquiring entity
• The First National Bank of Marysville (company) — Target entity
• $175 million (dollar_amount) — Deposits acquired
• $140 million (dollar_amount) — Loans acquired
• May 2, 2024 (date) — Closing date of acquisition

FAQ

Key Financial Figures

• $0.4453125 — quarterly distribution in the amount of $0.4453125 per Depositary Share, resulting from th
• $17.8125 — aration of a quarterly cash dividend of $17.8125 per share of Series A Preferred Stock,

Filing Documents

• ccne-20240502.htm (8-K) — 31KB
• ccne5-2x2499x1xpreferred.htm (EX-99.1) — 5KB
• pressreleaselogo2.gif (GRAPHIC) — 5KB
• 0000736772-24-000064.txt ( ) — 202KB
• ccne-20240502.xsd (EX-101.SCH) — 2KB
• ccne-20240502_def.xml (EX-101.DEF) — 6KB
• ccne-20240502_lab.xml (EX-101.LAB) — 27KB
• ccne-20240502_pre.xml (EX-101.PRE) — 18KB
• ccne-20240502_htm.xml (XML) — 4KB

01. Other Events

Item 8.01. Other Events . The Board of Directors of CNB Financial Corporation (NASDAQ: CCNE) (the "Corporation") has announced that on May 31, 2024, holders of record as of May 17, 2024 (the "Depository Shares Record Date") of its depositary shares (NASDAQ: CCNEP) (the "Depositary Shares"), each representing a 1/40th interest in the Corporation's 7.125% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock"), will receive a quarterly distribution in the amount of $0.4453125 per Depositary Share, resulting from the Corporation's declaration of a quarterly cash dividend of $17.8125 per share of Series A Preferred Stock, which underlies the Depositary Shares. On May 31, 2024, the Series A Preferred Stock dividend will be paid to the depositary for the Series A Preferred Stock. The depositary will, in turn, distribute such dividend to the holders of record of the Depositary Shares as of the Depositary Shares Record Date. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits d. Exhibits. Number Description 99.1 Press release of CNB Financial Corporation dated May 2, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. CNB Financial Corporation Date: May 2, 2024 By: /s/ Tito L. Lima Tito L. Lima Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR