Procore signs multi-year strategic collaboration agreement with AWS
CLEARFIELD, Pa. - CNB Financial Corporation (NASDAQ:CCNE), a regional bank with a market capitalization of $519.44 million, announced it has completed its merger with ESSA Bancorp, Inc. on July 23, 2025, according to a company press release. According to InvestingPro analysis, CNB currently trades slightly above its Fair Value, with a price-to-book ratio of 0.89.
As part of the transaction, ESSA Bank & Trust has merged with CNB Bank and will operate as ESSA Bank, a division of CNB Bank. The merger expands CNB Bank’s presence into Northeastern Pennsylvania, including the Lehigh Valley region, adding 20 community offices to its network.
With the addition of ESSA’s branches, CNB Bank now operates 78 branches across its four-state footprint in Pennsylvania, Ohio, New York, and Virginia.
"We are so pleased to welcome ESSA Bank & Trust customers and employees into the CNB family as a result of this merger," said CNB President and CEO Michael D. Peduzzi in the statement.
Following the merger agreement terms, three former ESSA directors—Gary S. Olson (ESSA CEO), Robert C. Selig Jr. (ESSA Chairman), and Daniel J. Henning—have joined the CNB and CNB Bank boards. Olson will also serve as a strategic advisor to CNB’s CEO.
CNB Bank has formed an Advisory Board for the ESSA Bank division to help manage the transition.
Stephens Inc. served as CNB’s financial advisor, while PNC FIG Advisory advised ESSA on the transaction.
CNB Financial Corporation has consolidated assets exceeding $8.0 billion and operates multiple banking divisions across Pennsylvania, Ohio, New York, and Virginia, including ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, and now ESSA Bank.
In other recent news, CNB Financial Corporation reported its second-quarter earnings, which exceeded analyst expectations. The company posted adjusted earnings of $0.63 per share for the quarter ending June 30, 2025, surpassing the analyst estimate of $0.60 per share. Revenue also climbed to $61.2 million, beating the consensus estimate of $59.55 million. This performance was attributed to strong loan growth and an improved net interest margin. These developments highlight the company’s financial strength and operational efficiency. Investors may find these results encouraging as they reflect the company’s ability to exceed market expectations. The positive earnings report has positioned CNB Financial favorably among analysts and investors alike.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.