Company: CCNE
Filing Date: 2025-07-21
Form Type: 8-K
Source: 0001193125-25-161874
Chunk: 0

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-07-21
Form: 8-K
Item: Item 5.02
Chunk 0
---
Item 5.02.      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  

As previously disclosed, on January 9, 2025, CNB Financial Corporation (the “ Company” or “ CNB”) and CNB Bank, the Company’s subsidiary bank (“ CNB Bank”), entered into an Agreement and Plan of Merger (the “ Merger Agreement”) with ESSA Bancorp, Inc. (“ ESSA”) and ESSA Bank & Trust, ESSA’s subsidiary bank (“ ESSA Bank”), pursuant to which (i) ESSA will merge with and into CNB, with CNB being the surviving entity (the “ Merger”), and (ii) ESSA Bank will merge with and into CNB Bank, with CNB Bank being the surviving entity (the “ Bank Merger”).

In accordance with the Merger Agreement, on July 15, 2025, the Board of Directors of CNB (the “ Board”) appointed Gary S. Olson, Robert C. Selig, Jr. and Daniel J. Henning (the “ New Board Members”) as directors, with such appointments to be effective as of the effective time of the Merger (the “ Effective Time”) and contingent upon each New Board Member’s continued service as a member of the ESSA Board of Directors immediately prior to the Effective Time. The New Board Members were also appointed to the CNB Bank Board of Directors effective as of the effective time of the Bank Merger.

The New Board Members will serve on the Board until the 2026 annual shareholder meeting and, at such annual shareholder meeting, the Board will nominate each New Board Member for election to serve the following terms: (i) in the case of Mr. Olson, a three-year term, (ii) in the case of Mr. Henning, a two-year term and(iii) in the case of Mr. Selig, a one-year term.

Each of the New Board Members will be entitled to receive compensation for his service on the Board consistent with the Company’s compensation for non-employee directors, as described under the heading “ Compensation of CNB Directors” in the Company’s Registration Statement on Form S-4, as amended, filed with the Securities and Exchange Commission on March 3, 2025. That description is incorporated by reference in this Item 5.02.

The Company expects to provide Mr. Olson with