Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 150

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 150
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 Directors was aware of these interests and considered them when evaluating and negotiating the merger agreement, the merger and the other transactions contemplated by the merger agreement, and in recommending to CNB’s shareholders that they vote in favor of the CNB share issuance proposal. See the section entitled “—Interests of Certain CNB Directors and Executive Officers in the Merger” beginning on page 145 for more information. The foregoing discussion of the material information and factors considered by the CNB Board of Directors is not intended to be exhaustive and may not include all of the factors considered by the CNB Board of Directors. In view of the variety of factors considered in connection with its consideration of the merger and the other transactions contemplated by the merger agreement, and the complexity of these matters, the CNB Board of Directors did not quantify or assign any relative weights to the factors considered, and individual directors may have given different weights to different factors. The above factors are not listed in any particular order of priority. The CNB Board of Directors considered all these factors as a whole. It should be noted that this explanation of the reasoning of the CNB Board of Directors and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed in the section titled “Information Regarding Forward-Looking Statements” beginning on page 30. For the reasons set forth above, the CNB Board of Directors determined that the merger agreement and the transactions contemplated thereby, including the merger and the issuance of CNB common stock in connection with the merger, are advisable and in the best interests of CNB and its shareholders, and unanimously adopted and approved the merger agreement and the transactions contemplated by it. Accordingly, the CNB Board of Directors unanimously recommends that CNB shareholders vote “ FOR” the CNB share issuance proposal and “ FOR” the CNB adjournment proposal. Opinion of CNB’s Financial Advisor CNB retained Piper Sandler to render an opinion to the CNB Board of Directors in connection with CNB’s consideration of a possible business combination with ESSA. CNB selected Piper Sandler to render an opinion because Piper Sandler is a nationally recognized investment banking firm whose principal business specialty is financial institutions. In the ordinary course of its investment banking business, Piper Sandler is regularly engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions and other corporate transactions. At the January 9, 2025 meeting at which the CNB Board of Directors considered the merger and the merger agreement,