On January 9, 2025, ESSA Bancorp, Inc., Stroudsburg, Pennsylvania, announced the signing of a merger agreement with CNB Financial Corporation, Clearfield, Pennsylvania, pursuant to which ESSA Bancorp will merge with and into CNB Financial Corporation in an all-stock transaction valued at approximately $214 million. ESSA Bancorp President and CEO Gary Olson, ESSA Bancorp Chairman Robert C. Selig, Jr. and ESSA Bancorp Director Daniel J. Henning will join the CNB Financial Corporation board of directors following the merger.

ESSA Bancorp is the holding company for ESSA Bank & Trust and has approximately $2.2 billion in total assets.

CNB Financial Corporation is the holding company for CNB Bank and has approximately $6.0 billion in total assets.

Luse Gorman is serving as legal counsel to ESSA Bancorp in the transaction. The Luse Gorman team consists of John Gorman, Marc Levy, Max Seltzer and Zac Davis.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.