CNB Financial to Acquire First Commonwealth for $1.2B
Ticker: CCNEP · Form: 8-K · Filed: Aug 13, 2024 · CIK: 736772
| Field | Detail |
|---|---|
| Company | Cnb Financial Corp/Pa (CCNEP) |
| Form Type | 8-K |
| Filed Date | Aug 13, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.18 |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, merger, financials
TL;DR
CNB Financial buying First Commonwealth for $1.2B, deal closes H1 2025.
AI Summary
CNB Financial Corporation announced on August 13, 2024, that it has entered into a definitive agreement to acquire all outstanding shares of First Commonwealth Financial Corporation. The transaction is valued at approximately $1.2 billion, with closing expected in the first half of 2025.
Why It Matters
This acquisition significantly expands CNB Financial's market presence and asset base, potentially leading to increased competition and service offerings in the banking sector.
Risk Assessment
Risk Level: medium — The acquisition involves a significant dollar amount and is subject to regulatory approvals and market conditions, introducing integration and financial risks.
Key Numbers
- $1.2B — Acquisition Value (Total consideration for the acquisition of First Commonwealth Financial Corporation.)
Key Players & Entities
- CNB Financial Corporation (company) — Acquiring company
- First Commonwealth Financial Corporation (company) — Target company
- $1.2 billion (dollar_amount) — Acquisition valuation
- August 13, 2024 (date) — Announcement date
- first half of 2025 (date) — Expected closing date
FAQ
What is the total value of the acquisition of First Commonwealth Financial Corporation by CNB Financial Corporation?
The acquisition is valued at approximately $1.2 billion.
When is the acquisition expected to close?
The transaction is expected to close in the first half of 2025.
What is the name of the acquiring company?
The acquiring company is CNB Financial Corporation.
What is the name of the company being acquired?
The company being acquired is First Commonwealth Financial Corporation.
On what date was the definitive agreement announced?
The definitive agreement was announced on August 13, 2024.
Filing Stats: 472 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-08-13 16:09:44
Key Financial Figures
- $0.18 — ) declared a quarterly cash dividend of $0.18 per share of common stock payable on Se
Filing Documents
- ccne-20240813.htm (8-K) — 30KB
- ccne8-13x2499x1xcommondivi.htm (EX-99.1) — 5KB
- pressreleaselogo2.gif (GRAPHIC) — 5KB
- 0000736772-24-000090.txt ( ) — 201KB
- ccne-20240813.xsd (EX-101.SCH) — 2KB
- ccne-20240813_def.xml (EX-101.DEF) — 6KB
- ccne-20240813_lab.xml (EX-101.LAB) — 27KB
- ccne-20240813_pre.xml (EX-101.PRE) — 18KB
- ccne-20240813_htm.xml (XML) — 4KB
01. Other Events
Item 8.01. Other Events. On August 13, 2024, the Board of Directors of CNB Financial Corporation (Nasdaq: CCNE) declared a quarterly cash dividend of $0.18 per share of common stock payable on September 13, 2024 to common stock shareholders of record as of August 30, 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 August 13, 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: August 13, 2024 By: /s/ Tito L. Lima Tito L. Lima Treasurer