CNB Financial gets $32.1M net proceeds in stock sale to fund capital reserve, expansion

CNB Financial nets $32.1M in stock offering

CLEARFIELD, Pa. — CNB Financial Corp. on Friday said it raised about $32.1 million after expenses through an offering of 3.4 million of its common shares.

The parent of CNB Bank and Eriebank said it sold the stock at $10.25 per share. The net proceeds deducted underwriting discounts, commissions and expenses.

CNB expects to use the proceeds for general corporate purposes, which may include expansion and potential acquisitions, investments in the bank as regulatory capital and debt payments.

RBC Capital Markets Corp. acted as sole book-running manager and Boenning & Scattergood Inc. acted as co-manager for the offering.

Shares of CNB Financial closed Friday up 54 cents, or 4.8 percent, at $11.75.