ESSA Bancorp To Merge With And Into CNB Financial - Quick Facts

(RTTNews) - CNB Financial (CCNE) and ESSA Bancorp (ESSA), have entered into a definitive agreement pursuant to which ESSA will merge with and into CNB, and ESSA Bank will merge with and into CNB Bank. The transaction consideration is all common stock and is presently valued at approximately $214 million in the aggregate, or approximately $21.10 per ESSA share. ESSA shareholders will receive 0.8547 shares of CNB common stock for each outstanding share of ESSA common stock.

The combined company is expected to have approximately $8 billion in total assets, $7 billion in total deposits, and $6 billion in total loans.