Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 145

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 145
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 2024, ESSA’s changes to the non-binding indication of interest were reviewed by the
CNB Board of Directors, who authorized Mr. Peduzzi to agree to the revised terms. On October 29, 2024, CNB and ESSA executed the revised non-binding indication of interest, which included the 60 day exclusivity provision.

Following execution of the non-binding indication of interest, CNB provided ESSA with a due diligence request list, and a virtual data room was established
and populated by ESSA. ESSA also provided CNB with a reverse due diligence request list, and the virtual data room was populated with due diligence information regarding CNB. During November and December 2024, the parties conducted their due
diligence reviews. This included a two-day meeting of the management teams from both companies on November 14 and 15, 2024.

On November 20,
2024, Hogan Lovells delivered to Luse Gorman a first draft of a merger agreement, which was provided to ESSA. Thereafter, and continuing through January 9, 2025, the parties and their counsel negotiated the terms of the merger agreement and
related transaction documents, including the voting agreements and plan of bank merger, reflecting discussions between the parties regarding transaction terms.

By agreement dated December 6, 2024, ESSA and CNB extended the exclusivity period contained in the non-binding indication of interest to January 10,
2025.

At a regularly scheduled meeting of the ESSA Board of Directors on December 10, 2024, the ESSA Board of Directors was updated as to the status
of due diligence and the negotiations of the merger agreement and related documents, and a special meeting of the ESSA Board of Directors was scheduled for January 9, 2025 to review, discuss and vote to approve a definitive merger agreement
with CNB. In advance of the January 9, 2025 special meeting, the ESSA Board of Directors was provided with copies of the definitive transaction documents, as well as an overview of the principal terms of the definitive merger agreement.

In December 2024, CNB engaged Piper Sandler to provide a fairness opinion in connection with the proposed merger and entered into an engagement letter with
Piper Sandler in early January 2025.

On January 9, 2025 the ESSA Board of Directors held a special meeting, at which representatives of PNC FIG