June 16, 2010 (FinancialWire) — CNB Financial Corp. (NASDAQ: CCNE) has priced an underwritten public offering of 2,926,829 shares of its common stock at a price of $10.25 per share for gross proceeds of around $30 million. RBC Capital Markets (NYSE: RY) is acting as sole book-running manager.

CNB said it plans to use the net proceeds from this offering for general corporate purposes, which may include expansion of its business, investments in its subsidiary bank as regulatory capital to fund growth, financing of possible acquisitions in the banking and financial services industry, and refinancing, reduction or repayment of debt and investments at the holding company level.

The company said it expects to close the sale of common stock on June 18. 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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