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CNB Financial acquires Bank of Akron

Jul. 20, 2020 10:50 AM ETCNB Financial Corporation (CCNE) StockCCNEBy: Akanksha Bakshi, SA News Editor
  • CNB Financial (CCNE -0.3%) the parent company of CNB Bank has completed its acquisition of Bank of Akron (OTCPK:BARK) a state bank in Akron, NY.
  • Bank of Akron will operate under the trade name BankOnBuffalo, a division of CNB Bank.
  • Bank of Akron shareholders will receive either a fixed exchange of 6.6729 shares of CNB common stock for each share of Bank of Akron common stock or $215.00 per share in cash, subject to proration procedures.
  • On a proforma basis and excluding the impact of purchase accounting, as of June 30, 2020, the combined company has ~$4.9B in total assets and 45 full-service banking offices.

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