Offerings: CNB Financial Eyes $27 Mil
June 11, 2010 (FinancialWire) — CNB Financial Corp. (NASDAQ: CCNE), the parent company of CNB Bank, said that it expects to offer and sell around $27 million of its common stock in a public offering. RBC Capital Markets will act as sole book-running manager.
The underwriters will have a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments.
CNB plans to use the net proceeds from this offering for general corporate purposes, which may include expansion of its business, investments in CNB Bank as regulatory capital to fund growth, financing of possible acquisitions, refinancing, reduction or repayment of debt or investments at the holding company level.
Pennsylvania-based CNB Financial is a bank holding company conducting business primarily through CNB Bank, the company's principal subsidiary. CNB Bank operations include a loan production office, a private banking division, and twenty-six full-service offices in Pennsylvania, including Eriebank, a division of CNB Bank.
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