M&A · Financials · Savings Institutions, Not Federally Chartered
CNB Financial Corp to acquire ESSA Bancorp, Inc.
Announced Jan 10, 2025 · Closed Jul 24, 2025
Deal value$214M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$20.61 per share
Transaction
- Acquirer
- CNB Financial Corp (CCNE)
- Target
- ESSA Bancorp, Inc. (ESSA)
- Buyer type
- Strategic
- Offer price per share
- $20.61
- Enterprise value
- —
- Status
- Closed Jul 24, 2025
Deal protections
- Break fee (target pays)
- $8.8M · 4.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stephens
- To the target
- PNC Capital Markets
Sector context · Financials
- Comparable deals
- 60 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 4.1% vs. 3.3% sector median
Timeline
- AnnouncedJan 10, 2025
- Proxy filedMar 7, 2025
- Definitive proxyMar 7, 2025
- Shareholder voteApr 15, 2025
- ClosedJul 24, 2025
Valuation · fairness opinions
Precedent transactions$19.21$33.19
Precedent transactions$19.41$33.55
Precedent transactions$16.07$27.68
Precedent transactions$14.56$30.71
Offer $20.61
Implied value per ESSA Bancorp, Inc. share by analysis, from Piper Sandler · DCF discount rate 10%–14%.