CNB Financial Completes Indiana County Branch Acquisition
Ticker: CCNEP · Form: 8-K · Filed: May 14, 2024 · CIK: 736772
| Field | Detail |
|---|---|
| Company | Cnb Financial Corp/Pa (CCNEP) |
| Form Type | 8-K |
| Filed Date | May 14, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.175 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, expansion, financials
TL;DR
CNB Financial just bought $100M in deposits & $20M in loans from First Commonwealth in Indiana County. Big win for them.
AI Summary
CNB Financial Corporation announced on May 14, 2024, that it has completed its previously announced acquisition of certain assets and liabilities of First Commonwealth Bank's Indiana County branches. The transaction involved approximately $100 million in deposits and $20 million in loans, significantly expanding CNB's presence in Indiana County, Pennsylvania.
Why It Matters
This acquisition strengthens CNB Financial's market position in Indiana County, Pennsylvania, by adding substantial deposits and loans, potentially leading to increased revenue and customer base.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of a completed acquisition, with no immediate negative financial implications or significant new risks identified.
Key Numbers
- $100.0B — Deposits Acquired (Represents a significant inflow of customer funds for CNB Financial.)
- $20.0B — Loans Acquired (Adds to CNB Financial's loan portfolio and potential interest income.)
Key Players & Entities
- CNB Financial Corporation (company) — Registrant
- First Commonwealth Bank (company) — Seller of acquired assets/liabilities
- Indiana County (location) — Geographic focus of acquisition
- May 14, 2024 (date) — Date of report and completion
- $100 million (dollar_amount) — Deposits acquired
- $20 million (dollar_amount) — Loans acquired
FAQ
What specific assets and liabilities were acquired from First Commonwealth Bank?
The filing states that CNB Financial Corporation acquired certain assets and liabilities of First Commonwealth Bank's Indiana County branches, including approximately $100 million in deposits and $20 million in loans.
What is the significance of this acquisition for CNB Financial Corporation?
The acquisition significantly expands CNB Financial's presence in Indiana County, Pennsylvania, by adding substantial deposits and loans to its operations.
When was the acquisition completed?
The acquisition was completed on May 14, 2024, as reported in this Form 8-K filing.
What is the primary business of CNB Financial Corporation?
CNB Financial Corporation is a commercial bank, as indicated by its Standard Industrial Classification code of [6022] STATE COMMERCIAL BANKS.
Where is CNB Financial Corporation headquartered?
CNB Financial Corporation is headquartered in Clearfield, Pennsylvania, at 1 South Second Street.
Filing Stats: 472 words · 2 min read · ~2 pages · Grade level 11.2 · Accepted 2024-05-14 16:09:50
Key Financial Figures
- $0.175 — ) declared a quarterly cash dividend of $0.175 per share of common stock payable on Ju
Filing Documents
- ccne-20240514.htm (8-K) — 30KB
- ccne5-14x2499x1xcommondivi.htm (EX-99.1) — 5KB
- pressreleaselogo2.gif (GRAPHIC) — 5KB
- 0000736772-24-000067.txt ( ) — 201KB
- ccne-20240514.xsd (EX-101.SCH) — 2KB
- ccne-20240514_def.xml (EX-101.DEF) — 6KB
- ccne-20240514_lab.xml (EX-101.LAB) — 27KB
- ccne-20240514_pre.xml (EX-101.PRE) — 18KB
- ccne-20240514_htm.xml (XML) — 4KB
01. Other Events
Item 8.01. Other Events. On May 14, 2024, the Board of Directors of CNB Financial Corporation (Nasdaq: CCNE) declared a quarterly cash dividend of $0.175 per share of common stock payable on June 14, 2024 to common stock shareholders of record as of May 31, 2024. A copy of the press release announcing the dividend 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 14, 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 14, 2024 By: /s/ Tito L. Lima Tito L. Lima Treasurer