Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 159

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 159
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 qualified in its entirety by reference to the full text of the opinion. Holders of CNB common stock are urged to read the entire opinion carefully in connection with their consideration of the proposed merger. 118

Piper Sandler’s opinion was directed to the CNB Board of Directors in connection with its consideration of the merger and the merger agreement and does not constitute a recommendation to any shareholder of CNB as to how any such shareholder should vote at any meeting of shareholders called to consider and vote upon the approval of the merger and the merger agreement or the issuance of CNB common stock in connection with the merger. Piper Sandler’s opinion was directed only to the fairness, from a financial point of view, of the merger consideration to CNB and did not address the underlying business decision of CNB to engage in the merger, the form or structure of the merger or any other transactions contemplated in the merger agreement, the relative merits of the merger as compared to any other alternative transactions or business strategies that might exist for CNB or the effect of any other transaction in which CNB might engage. Piper Sandler also did not express any opinion as to the fairness of the amount or nature of the compensation to be received in the merger by any officer, director or employee of CNB or ESSA, or any class of such persons, if any, relative to the compensation to be received in the merger by any other shareholder. Piper Sandler’s opinion was approved by Piper Sandler’s fairness opinion committee. In connection with its opinion, Piper Sandler reviewed and considered, among other things:

| • |     | an execution copy of the merger agreement; |

| • |     | certain publicly available financial statements and other historical financial information of CNB that Piper Sandler deemed relevant; |

| • |     | certain publicly available financial statements and other historical financial information of ESSA that Piper Sandler deemed relevant; |

| • |     | the pro forma financial impact of the merger on CNB based on certain assumptions relating to transaction expenses, purchase accounting adjustments and cost savings, as well as the divestiture of certain ESSA branches and the sale of certain ESSA loans subsequent to the closing of the merger, as provided by the senior management of CNB and its representatives; |

| • |     | the publicly reported historical price and trading activity for CNB common stock and ESSA common stock, including a comparison of certain stock trading information for CNB common stock and ESSA common stock and certain stock indices, as