Will Operate As BankOnBuffalo Franchises Moving Forward
July 23, 2020
CNB Financial Corporation, the parent company of CNB Bank, completed its acquisition of Bank of Akron, a state bank in Akron, New York. Under the terms of the merger agreement, Bank of Akron has merged with and into CNB Bank, with CNB Bank as the surviving institution. Banking offices of Bank of Akron will operate under the trade name BankOnBuffalo, a division of CNB Bank.
On a proforma basis and excluding the impact of purchase accounting, as of June 30, 2020, the combined company has approximately $4.9 billion in total assets and 45 full-service banking offices, located in central and western Pennsylvania, northeast and central Ohio, and western New York.
“We are excited to have completed this transaction on schedule and to partner with such a high performing bank,” announced Joseph B. Bower, Jr., president and CEO of CNB Financial Corporation. “We welcome our new team members from the Bank of Akron and we look forward to working side by side with them, in continuing to build a successful franchise with the BankOnBuffalo division.”
Under the terms of the merger agreement, 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 whereby at least 75% of the consideration to be paid will be in the form of CNB common stock.
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