Mergers & Acquisitions

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Deal Overview

Buyer:
CNB Financial Corporation
Actual Acquirer:
CNB Bank
Target:
Bank of Akron
Deal Type:
Bank & Thrift Company
Agreement Date:
12/18/2019
Announcement Date:
12/18/2019
Announced Deal Value ($ M):
65.78
Status:
Completed
Completion Date:
7/17/2020
Announced Deal Value Per Share ($ )
219.25

Consideration Breakout
Cash ($M) 16.1
Common Stock ($M) 25.4
Common Stock Issued 1,501,402

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 171.2 105.1
Price / Tangible Book (%) 171.2 105.1
Price / Earnings (x) 13.9 11.2
Price / Deposits (%) 19.36 11.52
Price / Assets (%) 16.91 10.22
Tangible Book Premium/ Deposits (%) 9.58 0.65
Deal Terms
Description of Consideration

CNB Financial Corp. paid $215.00 per share in cash or exchanged 6.6729 shares of its common stock for each outstanding share of Bank of Akron, subject to 75% of the consideration paid in stock.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 3,523
Est. Restructuring Charges ($ 000) 8,101
Maximum Termination Fee ($ 000) 2,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 6.672900
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 3,300
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Griffin Financial Group LLC
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Hogan Lovells US LLP
Seller Yes Hodgson Russ LLP