Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 155

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 155
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 that, as of such date, the merger consideration was fair to CNB from a financial point of view. Representatives of Hogan Lovells reviewed the terms of the proposed merger agreement and related transaction documents. The CNB Board of Directors then discussed the proposed transaction and its effect on CNB. Taking into consideration the matters discussed during that meeting and prior meetings of the CNB Board of Directors, including the factors described under the section entitled “—Recommendation of the CNB Board of Directors and CNB’s Reasons for the Merger” beginning on page 116, the CNB Board of Directors (i) determined that the merger and the merger agreement and the transactions contemplated thereby, including the issuance of CNB common stock in connection with the merger, are advisable and in the best interests of CNB and its shareholders, (ii) approved the execution and delivery of the merger agreement and the consummation of the transactions contemplated thereby, including the merger and the issuance of CNB common stock in connection with the merger, (iii) directed that the approval of the issuance CNB common stock in connection with the merger be submitted to holders of CNB common stock and (iv) recommended that the holders of CNB common stock vote their shares to approve the CNB share issuance proposal.Following the respective board meetings of ESSA and CNB, ESSA and CNB executed the merger agreement and the directors and certain executive officers of ESSA and CNB each executed the voting agreements with CNB and ESSA, respectively. The next morning, CNB and ESSA issued a joint press release announcing the execution of the merger agreement.Recommendation of the CNB Board of Directors and CNB’s Reasons for the MergerAfter careful consideration, the CNB Board of Directors, at a special meeting held on January 9, 2025, unanimously (i) determined that the merger and the merger agreement and the transactions contemplated thereby, including the issuance of CNB common stock in connection with the merger, are advisable and in the best interests of CNB and its shareholders, (ii) approved the execution and delivery of the merger agreement and the consummation of the transactions contemplated thereby, including the merger and the issuance of CNB common stock in connection with the merger, (iii) directed that the approval of the issuance CNB common stock in connection with the merger be submitted to holders of CNB common stock and (iv) recommended that the holders of CNB common stock vote their shares to approve the CNB share