Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 150

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 150
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 accretion and other franchise growth benefits, and subject to a comprehensive due diligence review and the negotiation of deal terms, after discussion with Mr. Powell, CNB management determined to further pursue a potential business combination with ESSA.

At a regularly scheduled meeting of the ESSA Board of Directors on August 27, 2024, Mr. Olson advised the ESSA Board of Directors of the discussions he had with Mr. Peduzzi. At this meeting, representatives of PNC FIG Advisory provided a financial overview of CNB and an illustrative financial overview of a potential combination of the two companies based on an all stock merger transaction with a deal price of $21.00 per share of ESSA common stock, which translated into an exchange ratio of 0.942 shares of CNB common stock for each share of ESSA common stock, based on the market price of CNB common stock. Following review and discussion, the ESSA Board of Directors determined to continue discussions with CNB regarding a strategic merger.

On September 10, 2024, during an executive session following a regularly scheduled meeting of the CNB Board of Directors, the CNB Board of Directors and the executive management team received a presentation from representatives of Stephens outlining the key considerations for evaluating a prospective transaction between CNB and ESSA. The CNB Board of Directors authorized Mr. Peduzzi to continue evaluating a prospective transaction with ESSA. Following the meeting, Mr. Peduzzi contacted a representative of PNC FIG Advisory and indicated that CNB was interested in further pursuing a possible strategic business combination with ESSA and that Mr. Olson should contact Mr. Peduzzi to discuss next steps. On September 11, 2024, Messrs. Olson and Peduzzi spoke on the telephone and agreed that it would be appropriate to have a meeting between Messrs. Olson

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and Peduzzi, along with the Chairpersons and a few additional members of each of the boards of directors of CNB and ESSA.

At a meeting of the ESSA M&A Committee on September 16, 2024, representatives of PNC FIG Advisory provided an updated overview of CNB and an updated illustrative financial overview of a potential business combination of ESSA and CNB, again based on an all stock merger transaction with a deal price of $21.00 per share of ESSA common stock, which translated into an updated exchange ratio of 0.902 shares of CN