CNB Financial Corp. in Clearfield, Pa., Tuesday announced the pricing of its $29.7 million common stock offering.
The $1.2 billion-asset company said it will sell 2.9 million shares at $10.25 a share, a 10.6% discount to the company's closing stock price on June 8, the day before the capital-raising effort was announced.
The total amount raised could swell to roughly $35 million with over-allotments.
The company said in a press release Tuesday that it would use the proceeds from the sale for general corporate purposes, including possible acquisitions, and reduction or repayment of debt and investments.
As of March 31, CNB had a total risk-based capital ratio of 12.1%.