Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 29

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 29
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/prospectus. The opinion outlines the procedures followed, assumptions made, matters considered and qualifications and limitations on the review undertaken by Piper Sandler
in rendering its opinion. Holders of CNB common stock are urged to read the entire opinion carefully in connection with their consideration of the proposed merger.

Piper Sandler’s opinion was directed to the CNB Board of Directors in connection with its consideration of the merger and the merger agreement and does
not constitute a recommendation to any shareholder of CNB as to how any such shareholder should vote at any meeting of shareholders called to consider and vote upon the approval of the merger and the merger agreement or the issuance of CNB common
stock in connection with the merger. Piper Sandler’s opinion was directed only to the fairness, from a financial point of view, of the merger consideration to CNB and did not address the underlying business decision of CNB to engage in the
merger, the form or structure of the merger or any other transactions contemplated in the merger agreement, the relative merits of the merger as compared to any other alternative transactions or business strategies that might exist for CNB or the
effect of any other transaction in which CNB might engage. See the section entitled “The Merger—Opinion of CNB’s Financial Advisor” beginning on page 118 for more information relating to Piper Sandler’s opinion.

Opinion of ESSA’s Financial Advisor(Page 133)

In connection with the proposed merger, the board of directors of ESSA received a written opinion, dated January 9, 2025, from ESSA’s financial
advisor, PNC FIG Advisory, part of PNC Capital Markets, LLC (“PNC FIG Advisory” or “PNC”), as to the fairness, from a financial point of view and as of the date of such opinion, of the exchange ratio provided for in the merger.
The full text of the opinion of PNC FIG Advisory, dated January 9, 2025, is included in this document as . ESSA encourages you to read this opinion carefully in its entirety for a description of the assumptions
made, procedures followed, factors considered, and limitations of the review undertaken by PNC FIG Advisory. PNC FIG Advisory’s opinion was rendered to the ESSA Board of Directors for the benefit of the ESSA Board of Directors (in its capacity
as such) in connection with its evaluation of the merger. PNC FIG Advisory’s opinion is not intended to and does not constitute a recommendation to any shareholder as