CNB Financial (CCNE) and ESSA Bancorp (ESSA) have finalized a definitive agreement under which ESSA will merge into CNB, with ESSA Bank consolidating into CNB Bank. The transaction, conducted entirely through common stock, is currently valued at around $214 million in total, equating to roughly $21.10 per ESSA share. Shareholders of ESSA are set to receive 0.8547 shares of CNB common stock for every ESSA common share they hold.
Upon completion, the merged entity is anticipated to boast approximately $8 billion in total assets, $7 billion in total deposits, and $6 billion in total loans.
