CNB Financial Corporation | Stephens

Who We Are

What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.

Leadership

Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

Impact Initiatives

We are committed to bettering the communities where we live and operate. We do this by supporting corporate philanthropy, economic and financial literacy advocacy, and professional success.

Our Brand Ambassadors

Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.

Stephens & Williams Racing Partnership

Stephens is the official investment banking partner of Williams Racing, one of the most winning teams in F1 history. We share that tradition of success.

Making Connections

We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.

Back to transactions
Financial Advisor

CNB Financial Corporation

$214 Million 01/10/2025 Depository Pending
Public Companies
Show Tombstone

Transaction Details

On January 10, 2025, CNB Financial Corporation (Nasdaq: CCNE) (“CNB”), parent company of CNB Bank, and ESSA Bancorp, Inc. (Nasdaq: ESSA) (“ESSA”), parent company of ESSA Bank & Trust, jointly announced that they have entered into a definitive agreement pursuant to which ESSA will merge with and into CNB.

The transaction is presently valued at approximately $214 million in the aggregate, or approximately $21.10 per ESSA share, based upon the 10-day volume weighted average stock price (VWAP) of $24.69 for CNB common stock as of January 8, 2025. ESSA shareholders will receive 0.8547 shares of CNB common stock for each outstanding share of ESSA common stock.

The combined company is expected to have approximately $8 billion in total assets, $7 billion in total deposits, and $6 billion in total loans.

The Pro Forma deposit franchise will rank the combined company within the Top 10 in Pennsylvania and Top 3 in the greater Lehigh Valley.

ESSA’s community banking model fits within CNB’s operating philosophy and established multi-state, multi-brand business model.

CNB Map
Sources: Company Press Release, Company Investor Presentation, S&P Global Market Intelligence.
  1. (1) Excludes the administrative branch.

    This material has been prepared solely for informational purposes as of its stated date. It is not a solicitation, recommendation or offer to buy or sell any security and does not provide information on which an investment decision to purchase or sell any securities could be based. It does not purport to be a complete description of the securities, markets or developments referred to in this material. All information and data included in this material has been sourced from company announcements and other sources cited in this material, but Stephens has not independently verified such information and does not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information remains current at any time after the date of preparation of this material. Stephens does not undertake to advise you of any changes in any such information. Additional information is available upon request.

    “Stephens” (the company brand name) is a leading family-owned investment firm that includes Stephens Inc. (member NYSE/SIPC), Stephens Investment Management Group, LLC, Stephens Insurance, LLC, Stephens Capital Partners LLC and Stephens Europe Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registered number 8817024), which is authorised and regulated by the Financial Conduct Authority. © 2025 Stephens