Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 173

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 173
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andler’s Relationship Piper Sandler received a $395,000 fee from CNB upon rendering its opinion. CNB has also agreed to indemnify Piper Sandler against certain claims and liabilities arising out of Piper Sandler’s engagement and to reimburse Piper Sandler for certain of its out-of-pocketexpenses incurred in connection with Piper Sandler’s engagement. In the two years preceding the date of Piper Sandler’s opinion, Piper Sandler did not provide any other investment banking services to CNB, nor did Piper Sandler provide any investment banking services to ESSA in the two years preceding the date of its opinion. In the ordinary course of Piper Sandler’s business as a broker-dealer, Piper Sandler may purchase securities from and sell securities to CNB, ESSA and their respective affiliates. Piper Sandler may also actively trade the equity and debt securities of CNB, ESSA and their respective affiliates for Piper Sandler’s account and for the accounts of Piper Sandler’s customers. Recommendation of the ESSA Board of Directors and ESSA’s Reasons for the Merger After careful consideration, the ESSA Board of Directors, at a special meeting held on January 9, 2025, unanimously (i) determined that the merger agreement and the transactions contemplated thereby, including the merger, are in the best interests of ESSA and its shareholders, (ii) declared the merger agreement advisable, and (iii) approved the execution and delivery of the merger agreement and the consummation of the transactions contemplated thereby, including the merger. Accordingly, the ESSA Board of Directors unanimously recommends that ESSA shareholders vote “ FOR” the ESSA merger proposal, “ FOR” the ESSA compensation proposal and “ FOR” the ESSA adjournment proposal. In reaching its decision to approve and adopt the merger agreement and the transactions contemplated thereby, including the merger, and to recommend that ESSA’s shareholders approve the merger proposal and compensation proposal, the ESSA Board of Directors evaluated the merger agreement, the merger and the other transactions contemplated by the merger agreement in consultation with ESSA’s management, as well as with ESSA’s legal and financial advisors, and considered a number of factors, including the following:

| • |     | each of ESSA’s and CNB’s business, operations, financial condition, geographic footprint, stock performance, asset quality, earnings and prospects, and legal and regulatory status; |

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| • |     | the historical performance of each