Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 12

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 12
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 What are the material U.S. federal income tax consequences of the holding company merger to U.S. holders of 
 shares of ESSA common stock?                                                                                |

| A: | The holding company merger (as defined below) is intended to qualify for U.S. federal income tax purposes as a                                                                                                                                     
 “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and it is a condition to our respective obligations to complete the holding company merger that each of                       
 ESSA and CNB receives a legal opinion to the effect that the holding company merger will so qualify. Assuming the holding company merger so qualifies, ESSA shareholders generally will not recognize any gain or loss for U.S. federal income tax 
 purposes on the exchange of their ESSA common stock for CNB common stock in the holding company merger except with respect to any cash received by ESSA shareholders in lieu of a fractional share of CNB common stock. See the section entitled   
 “The Merger—Material U.S. Federal Income Tax Consequences of the Merger” beginning on page 149.                                                                                                                                                    |

| Q: | Will ESSA shareholders be able to trade the shares of CNB common stock that they receive in the merger? |

| A: | If you are an ESSA shareholder, you may freely trade the shares of CNB common stock issued in the merger unless                                                                                                                      
 you are an “affiliate” of CNB as defined by Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”). Affiliates consist of individuals or entities that control, are controlled by, or are under common control 
 with CNB and include executive officers and directors and may include significant shareholders of CNB.                                                                                                                               |

| Q: | What are the conditions to completion of the merger? |

| A: | The obligations of CNB and ESSA to complete the merger are subject to the satisfaction or waiver of certain                                                                                                                                              
 closing conditions contained in the merger agreement, including the receipt of required regulatory approvals and/or waivers, the receipt of tax opinions, the approval of the CNB share issuance proposal by the shareholders of CNB and the approval of 
 the ESSA merger proposal by the shareholders of ESSA.                                                                                                                                                                                                    |

| Q: | When do you expect the merger to be completed? |

| A: | We will complete the merger when all of the conditions to completion contained in