Company: CCNE
Filing Date: 2025-04-09
Form Type: 425
Source: 0001193125-25-076836
Chunk: 5

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-04-09
Form: 425
Chunk 5
---
      | 11.2 |     |        | 0.23 |     |  2.0 |     |        | 84.8 |     | 0.10 |
| Wintrust Financial Corp.     |     | IL |     | Macatawa Bank Corp.       |     | MI |     | 04/15/24 |     |                         | 512.4 |     |         | 12.4 |     |     | 174 |     |         |  10.4 |   |     |        |  54.9 |   |     |                    | 2,615 |     |      | 11.2 |     |        | 1.53 |     | 15.0 |     |        | 50.6 |     | 0.00 |

Note: Includes United States bank M&A transactions announced between January 1, 2024 and January 7, 2025 with target total assets between $1 billion and $3 billion at announcement; Excludes transactions with non-disclosed deal values, merger-of-equal (MOE) transactions (as defined by S&P Capital IQ Pro), private investors, private equity buyers and credit union buyers Source: S&P Capital IQ Pro 5. The disclosure under the heading “The Merger — Opinion of CNB’s Financial Advisor — Net Present Value Analyses” is hereby supplemented by adding the following to the first paragraph thereunder as a new third sentence following the number 140% at the top of page 127 of the joint proxy statement/prospectus: Piper Sandler selected these price-to-earnings and tangible book value multiples based on Piper Sandler’s review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to CNB. 6. The disclosure under the heading “The Merger — Opinion of CNB’s Financial Advisor — Net Present Value Analyses” is hereby supplemented by adding the following to the paragraph at the top of page 128 of the joint proxy statement/prospectus as a new third sentence following the number 155%: Piper Sandler selected these price-to-earnings and tangible book value multiples based on Piper Sandler’s review of, among other matters, the trading multiples of selected companies that Piper Sandler deemed to be comparable to ESSA. 7. The disclosure under the heading “The Merger — Opinion of CNB’s Financial Advisor — Pro Forma Transaction Analysis”