- 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.