Add-on Acquisition • Financial Services

CNB Bank Acquires Lake National Bank

On December 30, 2015, CNB Bank acquired financial services company Lake National Bank for 25M USD

Acquisition Context

This is CNB Bank’s 1st transaction in the Financial Services sector.
This is CNB Bank’s largest (disclosed) transaction.
This is CNB Bank’s 1st transaction in the United States.
This is CNB Bank’s 1st transaction in Ohio.

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M&A Deal Summary
Date	December 30, 2015
Target	Lake National Bank
Sector	Financial Services
Buyer(s)	CNB Bank
Deal Type	Add-on Acquisition
Deal Value	25M USD
Advisor(s)	Boenning & Scattergood (Financial) Dinsmore & Shohl (Legal)

Target Company

Lake National Bank

Mentor, Ohio, United States

Lake National Bank is a provider of financial services to small business and consumer customers with a focus on real estate and commercial lending.

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Buyer Overview 1

Buyer

CNB Bank

Clearfield, Pennsylvania, United States

Category	Company
Founded	1865
Sector	Financial Services
Employees	769
Revenue	222M USD (2024)

DESCRIPTION

CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank was incorporated in 1865 and is based in Clearfield, Pennsylvania.

Deal Context for Buyer	#
Overall	1 of 1
Sector: Financial Services	1 of 1
Type: Add-on Acquisition	1 of 1
State: Ohio	1 of 1
Country: United States	1 of 1
Year: 2015	1 of 1
Size (of disclosed)	1 of 1

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