CNB Financial Corporation Completes Acquisition of Bank of Akron

Expands BankOnBuffalo’s Market Area

CLEARFIELD, Pa., July 20, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, today announced that it has completed its acquisition of Bank of Akron (OTC: BARK), a state bank in Akron, NY. Under the terms of the merger agreement, Bank of Akron has merged with and into CNB Bank, with CNB Bank as the surviving institution. Banking offices of Bank of Akron will operate under the trade name BankOnBuffalo, a division of CNB Bank.

On a proforma basis and excluding the impact of purchase accounting, as of June 30, 2020, the combined company has approximately $4.9 billion in total assets and 45 full-service banking offices, located in central and western Pennsylvania, northeast and central Ohio, and western New York.

“We are excited to have completed this transaction on schedule and to partner with such a high performing bank,” announced Joseph B. Bower, Jr., President and CEO of CNB Financial Corporation. “We welcome our new team members from the Bank of Akron and we look forward to working side by side with them, in continuing to build a successful franchise with the BankOnBuffalo division.”

Under the terms of the merger agreement, Bank of Akron shareholders will receive either a fixed exchange of 6.6729 shares of CNB common stock for each share of Bank of Akron common stock or $215.00 per share in cash, subject to proration procedures whereby at least 75% of the consideration to be paid will be in the form of CNB common stock.

Griffin Financial Group, LLC acted as financial advisor to CNB Financial Corporation, and Hogan Lovells US LLP acted as legal counsel. Bank of Akron was advised by Piper Sandler & Co. and its legal counsel was Hodgson Russ, LLP.

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $4.9 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. 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, one loan production office, and 45 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 northern New York. CNB Bank is headquartered in Clearfield, Pennsylvania, with offices in central and north central Pennsylvania. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.