Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 39

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 39
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 expectations of financial or industry analysts.

In addition, the consummation of the
merger will result in the combination of two companies that currently operate as independent companies. The business of CNB and the business of ESSA differ. As a result, while CNB expects to benefit from certain synergies following the merger, CNB
may also encounter new risks and liabilities associated with these differences. Following the merger, shareholders of CNB and ESSA will own interests in a combined company operating an expanded business and may not wish to continue to invest in CNB,
or for other reasons may wish to dispose of some or all of their shares of CNB common stock. If, following the effective time of the merger, large amounts of CNB common stock are sold, the price of CNB common stock could decline.

Further, the results of operations of CNB and the market price of CNB common stock after the merger may be affected by factors different from those currently
affecting the independent results of operations of each of CNB and ESSA and the market price of CNB common stock. Accordingly, CNB’s historical market prices and financial results may not be indicative of these matters for CNB after the merger.

For a discussion of the businesses of CNB and ESSA, and of certain factors to consider in connection with those businesses, see the documents
incorporated by reference into this joint proxy statement/prospectus and referred to under the section entitled “Where You Can Find More Information” beginning on page 186.

Both ESSA and CNB shareholders will have a reduced ownership and voting interest after the merger and will exercise less influence over management of the combined company.

The merger will dilute the ownership position of CNB shareholders and result in ESSA shareholders having an ownership stake
in the combined company. Upon completion of the merger, each ESSA shareholder will become a shareholder of CNB with a percentage ownership of the combined company that is much smaller than such shareholder’s current percentage ownership of
ESSA. It is expected that the former shareholders of ESSA as a group will receive shares in the merger constituting approximately 29% of the outstanding shares of CNB common stock immediately after the merger. Furthermore, because shares of CNB
common stock will be issued to existing ESSA shareholders, current CNB shareholders will have their ownership and voting interests diluted by approximately 29%. Accordingly, both ESSA and CNB shareholders will have less influence on the management
and