ESSA News & Events

CNB Financial Corporation (CCNE) completed the merger of ESSA Bancorp (ESSA) with and into CNB on July 23. In connection with the Merger, ESSA's subsidiary bank, ESSA Bank & Trust, has been merged with and into CNB's subsidiary bank, CNB Bank, and ESSA's offices will operate going forward under the brand of ESSA Bank, a division of CNB Bank. The transaction has extended CNB Bank's branch network into the Northeastern Region including the Lehigh Valley of Pennsylvania. With the addition of ESSA's 20 community offices, CNB Bank now has 78 branches across its four-state footprint. Consistent with the terms of the merger agreement, Gary Olson, Robert Selig Jr., and Daniel Henning will fill 3 new CNB and CNB Bank board seats. Mr. Olson will also have a role as strategic advisor to CNB's CEO. Additionally, CNB Bank formed an Advisory Board for the ESSA Bank division.

CNB Financial (CCNE) and ESSA Bancorp (ESSA) announced that they have received the necessary bank regulatory approvals to complete the proposed merger of ESSA with and into CNB and ESSA Bank & Trust with and into CNB Bank. The Federal Deposit Insurance Corporation and the Pennsylvania Department of Banking and Securities approved the merger of ESSA Bank with and into CNB Bank, and CNB received a waiver from the Federal Reserve Bank of Philadelphia for any application with respect to the merger of ESSA with and into CNB. On January 9, CNB, CNB Bank, ESSA and ESSA bank entered into an agreement and plan of merger pursuant to which ESSA will merge with and into CNB in an all-stock transaction, and immediately after, ESSA Bank will merge with and into CNB Bank. The merger is expected to close on July 23, pending customary closing conditions.