CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, announced today that full federal and state regulatory approval has been received for its previously announced acquisition of the Bank of Akron (OTC: BARK).
These approvals came from the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking and Securities.
The proposed merger, first announced on Dec.18, 2019, was overwhelmingly approved by shareholders of the Bank of Akron on March 18. Dependent upon other customary closing conditions, the merger is expected to close later this month.
“With the appropriate regulatory approvals, along with the strong support for the merger by Bank of Akron shareholders, we are now proceeding with the full integration of two strong community-minded financial institutions into an even stronger regional bank that will benefit our current and future customers,” said Joseph B. Bower, Jr., president and CEO of CNB Financial Corporation.
“We now look forward to the planned opportunity when Bank of Akron customers will be able to benefit from expanded community banking products and services, supported by CNB’s larger infrastructure and capital-backing,” said Anthony J. Delmonte, Jr., president and chief executive officer of Bank of Akron.
CNB Financial Corporation announced on Dec. 18 that it had entered into a definitive agreement to acquire Bank of Akron for $215 per share in cash and stock, or approximately $64.5 million in the aggregate.
Following completion of the merger, Bank of Akron will operate as BankOnBuffalo, a division of CNB Bank, which has branch offices in downtown Buffalo, Williamsville, Orchard Park and Niagara Falls. Bank of Akron serves the western New York markets of Akron, Clarence, Clarence Center, Lancaster, and Wilson with six branch locations.
About CNB Financial Corporation
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $4.0 billion that conducts business primarily through CNB Bank, CNB Financial Corporation’s principal subsidiary. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office and 42 full-service offices in Pennsylvania, Ohio, and New York. CNB Bank’s divisions include ERIEBANK, based in Erie, Pennsylvania with offices in northwest Pennsylvania and northeast Ohio; FCBank, based in Worthington, Ohio with offices in central Ohio; and BankOnBuffalo, based in Buffalo, New York with offices in northwest New York. CNB Bank is headquartered in Clearfield, Pennsylvania with offices in central and north central Pennsylvania. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank
About Bank of Akron
Established in 1900, Bank of Akron has approximately $400 million in assets and provides a full range of financial services including residential mortgages, construction loans and home equity lines of credit as well as commercial loans and mortgages. Bank of Akron has six branches located in Akron, Clarence, Clarence Center, Lancaster, and Wilson, and plays an active role in supporting each community it serves. For more details on Bank of Akron, please visit www.bankofakron.com.