CNB Financial Appoints ESSA Executives to Board
New board appointments coincide with a bylaw change enabling age waivers for merger-related directors.
July 22, 2025
CNB Moves to Finalize ESSA Merger with Key Board Appointments
CNB Financial is taking a decisive step toward closing its merger with ESSA Bancorp. On July 15, the company named three ESSA directors—Gary S. Olson, Robert C. Selig, Jr., and Daniel J. Henning—as incoming members of CNB’s board. These appointments will become effective once the merger is completed and are contingent on each individual remaining on ESSA’s board through the closing date.
The transition plan is clear and structured. All three executives will also join the CNB Bank board following the merger of ESSA Bank & Trust into CNB Bank. Their terms are staggered to provide leadership continuity:
- Gary S. Olson: three-year term
- Daniel J. Henning: two-year term
- Robert C. Selig, Jr.: one-year term
Each new director will receive compensation consistent with CNB’s policy for non-employee board members.
In parallel, CNB plans to extend post-merger benefits to Olson, including continued health coverage. He’s also expected to enter into a separate agreement with CNB to provide consulting and advisory services. Once those terms are finalized, the company will release a follow-up disclosure.
Governance Update Supports Flexibility
These updates follow another key board action. On the same day, CNB amended its bylaws to allow retirement age waivers for directors tied to business combinations. This change gives the board added flexibility to retain experienced leadership in cases like the ESSA merger.
Together, these moves position CNB to move forward with a smooth transition. The leadership framework is being set in advance, compensation is aligned with policy, and governance rules are being adjusted to support the integration process. With these pieces in place, CNB is signaling that the merger with ESSA isn’t just progressing—it’s entering its final stages.
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