Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 157

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 157
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 of receiving all of the regulatory approvals and/or waivers required for the merger. |

The CNB Board of Directors also considered potential risks relating to the merger, including the following:

| • |     | the regulatory and other approvals and/or waivers required in connection with the merger and the expectation that such regulatory approvals and/or waivers will be received in a timely manner and without the imposition of unacceptable conditions; |

| • |     | the potential for diversion of management and employee attention, and for employee attrition, during the period prior to the completion of the merger and the potential effect on CNB’s business and relations with customers, service providers and other stakeholders, whether or not the merger is completed; |

| • |     | expected benefits and synergies sought in the merger, including cost savings and CNB’s ability to market successfully its financial products to ESSA’s customers, may not be realized or may not be realized within the expected time period; |

| • |     | potential risks associated with significant negative trends in the economic and regulatory environments that could pose additional challenges to CNB’s achievement of the expected financial benefits of the merger; |

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| • |     | due to the fixed exchange ratio, the market value of the merger consideration—and in turn the purchase price paid by CNB to acquire ESSA—could increase prior to the effective time if the trading price of CNB common stock increases; |

| • |     | the challenges of integrating the businesses, operations and employees of ESSA and CNB; and |

| • |     | the other risks described in the section entitled “Risk Factors” beginning on page 21. |

In considering the recommendation of the CNB Board of Directors, you should be aware that certain directors and executive officers of CNB may have interests in the merger that are different from, or in addition to, interests of shareholders of CNB generally and may create potential conflicts of interest. The CNB Board of 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 144 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