CNB Financial (CCNE) Prices 3.7M Share Offering at $23.50/sh

CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, announced today the pricing of its underwritten public offering of 3,702,127 shares of its common stock at a public offering price of $23.50 per share, resulting in gross proceeds of approximately $87 million. The net proceeds to CNB after deducting the underwriting discount and estimated offering expenses are expected to be approximately $81.7 million. CNB 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.

In addition, CNB has granted the underwriters a 30-day option to purchase an aggregate of up to an additional 555,319 shares of common stock.

PNC FIG Advisory, part of PNC Capital Markets LLC, and Janney Montgomery Scott LLC are acting as joint book-running managers for the offering.

CNB expects to close the offering, subject to customary conditions, on or about September 21, 2022. The shares of common stock are being offered and sold pursuant to an effective shelf registration statement that CNB previously filed with the Securities and Exchange Commission (the “SEC”). Copies of the preliminary prospectus supplement relating to the offering and the final prospectus supplement, when available, may be obtained by visiting the SEC’s website located at www.sec.gov or by contacting PNC FIG Advisory, part of PNC Capital Markets LLC at [email protected] or Janney Montgomery Scott LLC at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security of CNB, which is made only by means of the prospectus supplement and the accompanying prospectus, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The common stock offered in the public offering will not be insured by the Federal Deposit Insurance Corporation or any other governmental agency.

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