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Business Combination | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Business Combination | Business Combinations On December 18, 2019, CNB Financial Corporation (“CNB"), CNB Bank (“CNB Bank") and Bank of Akron (“Akron") entered into an Agreement and Plan of Merger (the “Agreement"), pursuant to which CNB will acquire Akron. Under the terms of the Agreement, Akron will be merged with and into CNB Bank (the “Merger") with CNB Bank continuing as the surviving entity. At September 30, 2019, Akron had $388.9 million in assets, $339.7 million in deposits and $38.4 million in shareholders' equity. Following the completion of the Merger, Akron will operate as part of CNB’s BankOnBuffalo division. The Agreement provides that shareholders of Akron will have the right to elect to receive, for each share of Akron common stock, either (x)$215.00 in cash or (y) 6.6729 shares of CNB common stock. Elections will be subject to proration procedures whereby at least 75% of Akron shares will be exchanged for CNB common stock. The transaction is subject to customary closing conditions, including the receipt of approval from the shareholders of Akron and regulatory approvals, and is expected to be completed in the third quarter of 2020.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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