CNB Financial in Pa. raises $91M in stock offering

CNB Financial in Clearfield, Pa., has raised $91 million after selling common stock. 

The $5.3 billion-asset company disclosed in a regulatory filing that it sold about 4.3 million shares at $23.50 each. The offering included more than 550,000 shares issued under the underwriters’ overallotment option. 

CNB said it plans to use the net proceeds from the offering for purposes that could include funding of organic growth or acquisitions. 

The offering likely boosted CNB’s tangible common equity to 7.8%, Jake Civiello, an analyst at Janney Montgomery Scott, wrote in a research note.