Investment Banking - CNB Financial Corp.

Transactions | Banking

Client: CNB Financial Corp.
Industry: Banking
Transaction Type: Preferred Stock Offering
Role: Joint Book Running Manager

CNB Financial Corp. Preferred Stock Offering

  • CNB Financial Corp. (NASDAQ: CCNE) (“CNB” or the “Company”) is a financial holding company for its bank subsidiary, CNB Bank, a Pennsylvania-state bank offering a range of banking activities and services for individual, business, governmental, and institutional customers. The Company recently completed its acquisition of the Bank of Akron in late July, which helped expand its market presence in Buffalo, New York. With a similar commercial banking focus to CNB, the acquisition allows the Company to service smaller commercial banking clientele in the area and provides local branch and service personnel to help rapidly grow the franchise.
  • Pro-forma for the Bank of Akron acquisition, CNB has $4.9 billion in assets and the Bank’s operations include a private banking division, one loan production office, and 45 full-service branch offices in Pennsylvania, Ohio, and New York.
  • On August 20, 2020, CNB announced the pricing of an underwritten public offering of 2,100,000 shares of its 7.125% Series A Fixed Non-Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock“) at $25.00 per share, for gross proceeds of $52.5 million. The underwriters exercised the full overallotment option, resulting in total shares of 2,415,000 and gross proceeds of $60.4 million.
  • The Company has filed an application to list the shares of the Series A Preferred Stock sold in the offering on the Nasdaq Global Select Market under the symbol “CCNEP.”
  • The Company intends to use the net proceeds for general corporate purposes, including working capital and funding of organic growth or potential acquisitions.
  • Boenning & Scattergood served as a joint book-running manager in the transaction.

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