CNB Financial in Clearfield, Pa., has agreed to buy Lake National Bank in Mentor, Ohio.
The $2.3 billion-asset CNB said in a press release Wednesday that it will pay about $24.8 million, or $22.50 a share, in cash for the $152.2 million-asset Lake National. The deal is expected to close in the third quarter.
"We are excited to continue expansion of our franchise in Ohio by entering the Mentor market in the greater Cleveland area," Joseph Bower, CNB's president and chief executive, said in the release. "We have been targeting Mentor as a logical expansion. … Mentor is known for its [midsize] commercial and industrial businesses, which we serve extremely well. We feel the same opportunity exists in the greater Cleveland market as in the greater Columbus market, where we also purchased a smaller institution that will allow us to grow organically."
CNB said it expects the transaction to be accretive to its earnings per share in the first full year of operations.
Griffin Financial Group and Hogan Lovells advised CNB. Boenning & Scattergood and Dinsmore & Shohl advised Lake National.