CNB Financial Corporation completes redemption of its 5.75% fixed to variable rate subordinated bonds due 2026


CLEARFIELD, Pa., Oct. 18, 2021 (GLOBE NEWSWIRE) – CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced that on October 15, 2021, the Company has completed its repurchase of $ 50,000,000 in aggregate principal amount of its 5.75% Fixed Variable Rate Subordinated Notes due October 15, 2026 (CUSIP 126128 AA5) (the “Subordinated Notes”), representing all outstanding Subordinated Notes . The subordinated notes were repaid in accordance with their terms at a price equal to 100% of the principal amount, plus accrued and unpaid interest until October 15, 2021, but excluding. The Total Total Redemption Price was $ 50,718,750, which included an interest payment of $ 718,750. The Company financed the repurchase with cash on hand, including the net proceeds of the issuance and sale of an aggregate principal amount of $ 85,000,000 of the 3.25% floating rate subordinated notes due. in 2031.

About CNB Financial Corporation and CNB Bank

Based on strong traditional values, CNB Bank is committed to being the premier provider of financial services in our communities, focused on the changing needs of people and businesses by providing the highest quality service.

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $ 5.1 billion. CNB Financial Corporation operates its business primarily through its main subsidiary, CNB Bank. CNB Bank is a full-service bank engaged in a full range of banking activities and services, including trust and wealth management services, for individuals, businesses, governments and institutional clients. CNB Bank’s operations include a private banking division, two loan production offices, a drive-up office, and 44 full-service offices in Pennsylvania, Ohio, New York and Virginia. CNB Bank’s divisions include ERIEBANK, based in Erie, Pa., With offices in northwestern Pennsylvania and northeastern Ohio; FCBank, based in Worthington, Ohio, with offices in central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in upstate New York; and Ridge View Bank, with a loan production office in Roanoke, Virginia. CNB Bank is headquartered in Clearfield, Pennsylvania, with offices in central and north-central Pennsylvania. For more information, visit www.CNBBank.bank.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are intended to be covered by the safe harbor rule for “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements about beliefs, plans, objectives, goals, expectations, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors ( some of which are beyond the control of CNB). Forward-looking statements often include the words “believes”, “expects”, “anticipates”, “estimates”, “anticipates”, “intends to”, “plan”, “targets”, “potentially”, “Probably”, “projects,” outlook “or similar expressions or future conditional verbs such as” may “,” will “,” should “,” would “and” could “. CNB’s actual results may differ materially from those contemplated by forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. These risks, uncertainties and other known and unknown factors that could cause actual results to differ materially from statements include, but are not limited to (i) the duration and extent of the COVID-19 pandemic and the local, national conditions and the global impact of COVID-19; (ii) actions taken by governments, businesses and individuals in response to the pandemic; (iii) the speed and efficiency of the development and deployment of vaccines and treatments; (iv) the pace of recovery when the COVID-19 pandemic subsides; (v) changes in the general conditions of business, industry or economy or competition; (vi) changes in any law, rule, regulation, policy, directive or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting or other principles; (vii) adverse changes or conditions in the capital and financial markets; (viii) variations in interest rates; (ix) higher than expected costs or other difficulties associated with the integration of combined or merged businesses; (x) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xi) changes in the quality or composition of our loan and investment portfolios; (xii) the adequacy of loan loss reserves; (xiii) increased competition; (xiv) the loss of certain key executives; (xv) attrition of deposits; (xvi) rapidly evolving technology; (xvii) unforeseen regulatory or judicial procedures and responsibilities and other costs; (xviii) changes in the cost of funds, the demand for loan products or the demand for financial services; and (xix) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have a negative impact on the financial condition and results of operations of CNB. For more information on the factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the sections “Risk Factors” and “Management’s Discussion and Analysis of Financial Position and results of operations ”and disclaimers in CNB’s annual and quarterly reports.

Forward-looking statements are based on the beliefs and assumptions of management and are made as of the date of this press release. CNB assumes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether due to new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur and you should not place undue reliance on forward-looking statements.

CONTACT: Contact: Amy Potter Marketing Dept. 814-765-9621

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