Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 37

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 37
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 common stock will become holders of CNB common stock. Following the merger, ESSA shareholders will have
different rights as shareholders of CNB due to the different provisions of the governing documents of CNB and ESSA. For additional information regarding the differences between the rights of shareholders of CNB and shareholders of ESSA, see the
section entitled “Comparison of Shareholder Rights” beginning on page 175.

Risk Factors(Page 21)

You should consider all the information contained in or incorporated by reference into this joint proxy statement/prospectus in deciding how to vote for the
proposals presented in the joint proxy statement/prospectus. In particular, you should consider the factors described under the section entitled “Risk Factors” beginning on page 21.

20

RISK FACTORS In addition to the other information contained in or incorporated by reference into this joint proxy statement/prospectus, including the matters addressed under the section entitled “Information Regarding Forward-Looking Statements” beginning on page 30, CNB shareholders and ESSA shareholders should carefully read and consider the following risk factors in deciding how to vote on the proposals to be presented at the CNB annual meeting and the ESSA special meeting. Risks Relating to the Merger Because the exchange ratio relating to the number of shares of CNB common stock exchanged for each share of ESSA common stock is fixed and will not be adjusted, the value of the common stock issued by CNB and received by ESSA shareholders will fluctuate and may be higher or lower at the closing of the merger than when the merger agreement was executed. Upon the consummation of the merger, each share of common stock of ESSA will be converted into 0.8547 shares of common stock of CNB. The exchange ratio is fixed in the merger agreement and will not be adjusted for changes in the market price of CNB common stock. Changes in the market price of CNB common stock prior to the merger will affect the market value of the consideration that ESSA shareholders will receive on the closing date of the merger. Stock price changes may result from a variety of factors (many of which are beyond CNB’s control), including the following factors:

| • |     | market reaction to the announcement of the merger; |

| • |     | changes in CNB’s business, operations, assets, liabilities and prospects; |

| • |     | changes in market assessments of the business, operations, financial position and prospects of CNB or the