$20.610
+0.523 (+2.54%)Al cierre
Noticias de ESSA
Eventos de ESSA
CNB Financial, ESSA Bancorp complete merger
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, ESSA Bancorp receive bank regulatory approvals for merger
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.
CNB says ISS recommends shareholders support proposal to issue common stock
CNB Financial (CCNE) announce that independent proxy advisory firm Institutional Shareholder Services is recommending that CNB shareholders vote "FOR" each of the proposal to issue shares of CNB common stock in connection with the merger of ESSA Bancorp (ESSA) with and into CNB; the proposal to approve the CNB Financial Corporation 2025 Omnibus Incentive Plan; and the non-binding advisory resolution to approve the compensation of CNB's named executive officers in advance of the upcoming CNB Annual Meeting of Shareholders. The Annual Meeting will be held at 2:00 p.m., Eastern Time, on Tuesday, April 15, 2025.
CNB Financial, ESSA Bancorp announces strategic merger
CNB Financial Corporation (CCNE), parent company of CNB Bank, and ESSA Bancorp (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, and ESSA Bank will merge with and into CNB Bank. 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 transaction consideration is all common stock and 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 of $24.69 for CNB common stock as of January 8, 2025.
ESSA Bancorp reports Q4 EPS 44c vs. 47c a year ago
Gary Olson, President and CEO, commented: "The company's positive earnings results throughout fiscal 2024 reflected efficient and productive operations, a focus on disciplined loan growth, and balance sheet management. Our financial performance drove shareholder value and supported the company's longstanding practice of approving meaningful quarterly cash dividends to shareholders."
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