Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 180

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 180
---
 |

133

| • |     | Reviewed recently reported stock prices and trading activity of ESSA common stock and CNB common stock; |

| • |     | Discussed the past and current operations, financial condition and future prospects of ESSA and CNB with senior executives of ESSA and CNB, respectively; |

| • |     | Reviewed and analyzed certain publicly available financial and stock market data of banking companies that PNC FIG Advisory selected as relevant to its analysis of ESSA and CNB; |

| • |     | Reviewed and analyzed certain publicly available financial data of transactions that PNC FIG Advisory selected as relevant to its analysis of ESSA; |

| • |     | Considered CNB’s financial and capital position and certain potential pro forma financial effects of the merger on CNB; |

| • |     | Conducted other analyses and reviewed other information PNC FIG Advisory considered necessary or appropriate; and |

| • |     | Incorporated PNC FIG Advisory’s assessment of the overall economic environment and market conditions, as well as PNC FIG Advisory’s experience in mergers and acquisitions, bank stock valuations and other transactions. |

In rendering its opinion, PNC FIG Advisory also relied upon and assumed, without independent verification, the accuracy, reasonableness and completeness of the information provided to PNC FIG Advisory by or on behalf of ESSA and CNB and publicly available information used in PNC FIG Advisory’s analyses. PNC FIG Advisory did not assume any responsibility for the accuracy, reasonableness and completeness of any of the foregoing materials provided to PNC FIG Advisory and publicly available information or for the independent verification thereof. Further, PNC FIG Advisory relied on the assurances of managements of ESSA and CNB that they were not aware of any facts or circumstances that would make any of the foregoing materials provided to PNC FIG Advisory inaccurate or misleading. With respect to the financial projections and forecasts for ESSA and research analysts’ estimates and long-term growth rate and other assumptions for CNB reviewed by PNC FIG Advisory and other non-publicinformation related to projected cost savings referred to above, PNC FIG Advisory assumed, with ESSA’s consent, that they were reasonably prepared on bases reflecting (or, in the case of research analysts’ estimates, were consistent with) the best currently available estimates and judgments of the respective managements of ESSA and CNB, as the case may be, as to the future financial performance of ESSA and CNB and such