CNB Financial and ESSA Bancorp 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.

“We are pleased to have received the required bank regulatory approvals or waivers to move forward with the Merger,” said Michael D. Peduzzi, President and CEO of CNB. “This marks an exciting milestone as we bring together two strong institutions with shared values and a commitment to client-focused services and great experiences for all of our stakeholders. We look forward to welcoming ESSA customers, employees and shareholders to CNB. Together, we will expand our reach, enhance our capabilities and efficiencies, and better meet the needs of the communities we serve.”

“We are excited to move ahead with our proposed merger with CNB,” commented Gary Olson, President and CEO of ESSA and ESSA Bank. “Joining the CNB family will benefit our customers and communities as they will continue to be served by a combined organization that upholds our shared culture and values, maintains our relationship-focused approach and offers an elevated suite of financial products and services.”

On Jan. 9, 2025, 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, 2025, pending customary closing conditions.