CNB Financial Corporation Announces Termination of “At-The-Market” Offering of Shares of Common Stock

CLEARFIELD, Pa., May 12, 2020 (GLOBE NEWSWIRE) --

CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced the termination of its “at-the-market” equity offering program (the “ATM Offering”) with Keefe, Bruyette & Woods, Inc. (“KBW”) as sales agent. CNB elected to terminate the ATM Offering as a result of market conditions and to limit uncertainty and unfavorable dilution for its shareholders during this period of global market uncertainty.

“When the economy shutdown overnight due to the COVID-19 pandemic and steps taken to mitigate its effects, the landscape changed immediately”, Joseph B. Bower, Jr., President and CEO stated.  “As such, our growth expectations have been temporarily reduced from our historic run rate of mid-double digits growth to a more conservative mid-single digit growth rate, excluding the Bank of Akron transaction which remains on schedule for a third quarter close.  Our balance sheet is currently strong and we expect it to remain as such. We have been, and will continue to be, active in supporting our local communities during their time of need.”

Although CNB initiated the 10-day termination process of the ATM Offering with KBW, with the official termination to take effect May 22, 2020, CNB will make no further sales under the ATM Offering. As of the date of this announcement, CNB had sold 168,358 shares of its common stock raising approximately $5.1 million in gross proceeds. 

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $3.8 billion that conducts business primarily through CNB Bank, CNB Financial Corporation’s principal subsidiary. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division and 42 full-service offices in Pennsylvania, Ohio, and New York. CNB Bank’s divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in northwest Pennsylvania and northeast Ohio; FCBank, based in Worthington, Ohio, with offices in central Ohio; and BankOnBuffalo, based in Buffalo, New York, with offices in northwest New York. CNB Bank is headquartered in Clearfield, Pennsylvania, with offices in central and north central Pennsylvania. More information about CNB Financial Corporation and CNB Bank can be found online at www.CNBBank.bank.