CNB Financial Corp to Acquire ESSA Bancorp in $214 Million Pennsylvania Deal

CNB Financial Corp has announced an agreement to acquire ESSA Bancorp in an all-stock transaction valued at approximately $214 million, or about $21.10 per ESSA share. The deal would bring together two Pennsylvania-based institutions.

ESSA Bancorp is headquartered in Stroudsburg in Pennsylvania's Monroe County and serves the Pocono Mountains region. The transaction was announced on 10 January 2025 and is subject to regulatory approvals and the approval of both CNB and ESSA shareholders, and is expected to close in the third quarter of 2025.

PENNSYLVANIA FOOTPRINT

CNB Financial, whose banking subsidiary is CNB Bank, has concentrated its activity historically across central and north-western Pennsylvania. The addition of ESSA Bancorp's network would extend the combined organisation into eastern Pennsylvania and the greater Lehigh Valley, where CNB had no branches.

The two institutions will need to secure approvals from federal and state banking regulators before the deal can close, and the parties expect the deal to close in the third quarter of 2025.