CNB Monetary Company Publicizes Pricing of Public Providing of Widespread Inventory
CLEARFIELD, Pa., Sept. 16, 2022 (GLOBE NEWSWIRE) — CNB Monetary Company (“CNB”) (NASDAQ: CCNE), the mother or father firm of CNB Financial institution, introduced at this time the pricing of its underwritten public providing of three,702,127 shares of its widespread inventory at a public providing worth of $23.50 per share, leading to gross proceeds of roughly $87 million. The online proceeds to CNB after deducting the underwriting low cost and estimated providing bills are anticipated to be roughly $81.7 million. CNB intends to make use of the online proceeds from the providing for normal company functions, which can embody working capital and the funding of natural development or potential acquisitions.
As well as, CNB has granted the underwriters a 30-day choice to buy an combination of as much as an extra 555,319 shares of widespread inventory.
PNC FIG Advisory, a part of PNC Capital Markets LLC, and Janney Montgomery Scott LLC are appearing as joint book-running managers for the providing.
CNB expects to shut the providing, topic to customary circumstances, on or about September 21, 2022. The shares of widespread inventory are being provided and offered pursuant to an efficient shelf registration assertion that CNB beforehand filed with the Securities and Alternate Fee (the “SEC”). Copies of the preliminary prospectus complement regarding the providing and the ultimate prospectus complement, when out there, could also be obtained by visiting the SEC’s web site situated at www.sec.gov or by contacting PNC FIG Advisory, a part of PNC Capital Markets LLC at [email protected] or Janney Montgomery Scott LLC at [email protected].
This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase any safety of CNB, which is made solely by way of the prospectus complement and the accompanying prospectus, nor shall there be any sale of those securities in any state or jurisdiction by which such supply, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such state or jurisdiction. The widespread inventory provided within the public providing is not going to be insured by the Federal Deposit Insurance coverage Company or some other governmental company.
About CNB Monetary Company
CNB Monetary Company is a monetary holding firm with consolidated belongings of roughly $5.3 billion. CNB Monetary Company conducts enterprise primarily by way of its principal subsidiary, CNB Financial institution. CNB Financial institution is a full-service financial institution participating in a full vary of banking actions and providers, together with belief and wealth administration providers, for particular person, enterprise, governmental, and institutional prospects. CNB Financial institution operations embody a personal banking division, three mortgage manufacturing workplaces, one drive-up workplace and 46 full-service workplaces in Pennsylvania, Ohio, New York and Virginia. CNB Financial institution’s divisions embody ERIEBANK, based mostly in Erie, Pennsylvania, with workplaces in Northwest Pennsylvania and Northeast Ohio; FCBank, based mostly in Worthington, Ohio, with workplaces in Central Ohio; BankOnBuffalo, based mostly in Buffalo, New York, with workplaces in Western New York; and Ridge View Financial institution, with workplaces within the Southwest Virginia area. CNB Financial institution is headquartered in Clearfield, Pennsylvania, with workplaces in Central and North Central Pennsylvania. Further details about CNB Monetary Company could also be discovered at www.CNBBank.financial institution.
Ahead-Trying Statements
This press launch consists of forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended. These forward-looking statements are supposed to be coated by the protected harbor for “forward-looking statements” offered by the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements are these that aren’t historic details. Ahead-looking statements embody statements with respect to beliefs, plans, goals, targets, expectations, anticipations, estimates and intentions which are topic to important dangers and uncertainties and are topic to vary based mostly on numerous elements (a few of that are past CNB’s management). Ahead-looking statements typically embody the phrases “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “doubtlessly,” “in all probability,” “tasks,” “outlook” or comparable expressions or future conditional verbs similar to “might,” “will,” “ought to,” “would” and “may.” CNB’s precise outcomes might differ materially from these contemplated by the forward-looking statements, that are neither statements of historic reality nor ensures or assurances of future efficiency. For extra details about elements that would trigger precise outcomes to vary from these mentioned within the forward-looking statements, please confer with the “Threat Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” sections of and forward-looking assertion disclaimers in CNB’s annual and quarterly stories filed with the SEC.
The forward-looking statements are based mostly upon administration’s beliefs and assumptions and are made as of the date of this press launch. CNB undertakes no obligation to publicly replace or revise any forward-looking statements included on this press launch or to replace the the explanation why precise outcomes may differ from these contained in such statements, whether or not on account of new info, future occasions or in any other case, besides to the extent required by legislation. In mild of those dangers, uncertainties and assumptions, the forward-looking occasions mentioned on this press launch won’t happen and you shouldn’t put undue reliance on any forward-looking statements.
CONTACT: Contact: Tito L. Lima Treasurer (814) 765-9621
