Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 359

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 359
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SSA Bank & Trust, a wholly-owned subsidiary of ESSA (“ ESSA Bank”), are proposing to enter into an Agreement and Plan of Merger (the “ Agreement”) pursuant to which ESSA will merge with and into CNB with CNB as the surviving entity (the “ Merger”) and immediately thereafter, ESSA Bank will merge with and into CNB Bank, with CNB Bank surviving. As set forth in the Agreement, each share of ESSA Stock issued and outstanding immediately prior to the Effective Time (other than certain shares of ESSA Stock as set forth in the Agreement) shall become and be converted into the right to receive 0.8547 shares of CNB Stock (the “ Merger Consideration”). Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Agreement. You have requested our opinion as to the fairness, from a financial point of view, of the Merger Consideration to CNB. Piper Sandler & Co. (“ Piper Sandler”, “ we” or “ our”), as part of its investment banking business, is regularly engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions and other corporate transactions. In connection with this opinion, we have reviewed and considered, among other things: (i) an execution copy of the Agreement; (ii) certain publicly available financial statements and other historical financial information of CNB that we deemed relevant; (iii) certain publicly available financial statements and other historical financial information of ESSA and ESSA Bank that we deemed relevant; (iv) publicly available mean analyst earnings per share estimates for CNB for the quarter ending December 31, 2024 and the years ending December 31, 2025 and December 31, 2026, as well as an estimated long-term annual earnings growth rate for the years ending December 31, 2027 and December 31, 2028 and estimated dividends per share for CNB for the quarter ending December 31, 2024 and the years ending December 31, 2025 through December 31, 2028, as provided by the senior management of CNB; (v) certain financial projections for ESSA for the quarter ending December 31, 2024 and the years ending December 31, 2025 through December 31, 2028, as provided by the senior management of CNB; (vi) the pro forma financial impact of the Merger on