CNB Financial Corporation Announces Pricing of Offering of Series A Preferred Stock Depositary Shares

CLEARFIELD, Pa., Aug. 20, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, announced today the pricing of its underwritten public offering (the “Offering”) of 2,100,000 depositary shares, each of which represents a 1/40th interest in a share of its 7.125% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (equivalent to $25.00 per depositary share). The Corporation has granted the underwriters an option, exercisable in whole or in part for 30 days, to purchase up to an additional 315,000 depositary shares at the public offering price, less the underwriting discount. The Corporation expects to close the offering, subject to customary conditions, on or about August 25, 2020.

The Corporation has filed an application to list the depositary shares on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “CCNEP”. If the application is approved, trading of the depositary shares on Nasdaq is expected to begin within 30 days after the closing date.

CNB expects the gross proceeds from the Offering to be $52.5 million (or $60.375 million if the underwriters exercise their option to purchase additional depositary shares in full). Net proceeds to the Corporation, after deducting the underwriting discount but before deducting estimated offering expenses and fees payable by the Corporation, are expected to be $50.8 million (or $58.5 million if the underwriters exercise their option to purchase additional depositary shares in full). The Corporation intends to use the net proceeds from the offering for general corporate purposes, which may include working capital and the funding of organic growth or potential acquisitions.

Janney Montgomery Scott and Boenning & Scattergood, Inc. are serving as joint book-running managers for the Offering.

The depositary shares are being offered pursuant to an effective shelf registration statement on Form S-3 (File No. 333-236018) the Corporation filed with the Securities and Exchange Commission (the “SEC”), which was declared effective by the SEC on June 25, 2020, and only by means of a prospectus supplement and accompanying prospectus. Before you invest, you should read the prospectus supplement relating to the Offering, the prospectus, and other documents CNB has filed with the SEC (many of which are incorporated by reference into the prospectus supplement and prospectus) for more complete information about CNB and the Offering. You may obtain copies of the prospectus supplement relating to the Offering and accompanying prospectus without charge by visiting the SEC’s website at www.sec.gov, or from Janney Montgomery Scott by email at [e-mail].