CNB Financial Corporation announced that it has completed a private placement of $50 million in aggregate principal amount of fixed-to-floating rate subordinated notes to certain qualified investors. Unless earlier redeemed, the notes mature on October 15, 2026. The notes will initially bear interest at a fixed rate of 5.75% per annum, payable semi-annually in arrears, to, but excluding, October 15, 2021, and thereafter to, but excluding, the maturity date or earlier redemption, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month LIBOR rate plus 455 basis points. The Corporation may redeem the subordinated notes, in whole or in part, beginning with the interest payment date on October 15, 2021, and on any interest payment date thereafter, subject to the approval of the Federal Reserve. The Corporation may also redeem the subordinated notes, in whole or in part, at any time upon the occurrence of certain regulatory capital events, subject in each case to the approval of the Federal Reserve. The notes sold in the offering have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.