CNB Financial Corp. in Clearfield, Pa., expects to raise $27 million through a common stock offering.

The $1.2 billion-asset company said Wednesday that it intends to use the net proceeds for general corporate purposes, to inject capital in its bank units to fund growth, acquire other banks and refinance, reduce or repay debt at the holding company level.

As of March 31, CNB had a total risk-based capital ratio of 12.1%.

The deal's underwriters will be able to purchase up to 15% of the shares sold to cover any overallotments.

In a prospectus filed with the Securities and Exchange Commission, the company said it plans to expand its operations in Erie County, where it has four branches.

Its two subsidiaries — CNB Bank and Eriebank — have 26 branches in northwestern and central Pennsylvania.

CNB filed a registration statement in April that allows it to raise up to $50 million through the sale of common stock or preferred stock from time to time.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.