CLEARFIELD — CNB Financial Corp., the parent company of CNB Bank, announced the pricing of its underwritten public offering of 3,702,127 shares of its common stock at a public offering price of $23.50 per share, resulting in gross proceeds of approximately $87 million. The net proceeds to CNB after deducting the underwriting discount and estimated offering expenses are expected to be approximately $81.7 million. CNB intends to use the net proceeds from the offering for general corporate purposes, which may include working capital and the funding of organic growth or potential acquisitions.

In addition, CNB has granted the underwriters a 30-day option to purchase an aggregate of up to an additional 555,319 shares of common stock.

PNC FIG Advisory, part of PNC Capital Markets LLC, and Janney Montgomery Scott LLC are acting as joint book-running managers for the offering.

CNB expects to close the offering, subject to customary conditions, on or about September 21, 2022. The shares of common stock are being offered and sold pursuant to an effective shelf registration statement that CNB previously filed with the Securities and Exchange Commission (the “SEC”).