Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 383

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 383
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 agreement thereof and in compliance with all applicable laws and other requirements. Finally, with your consent, we have relied upon the advice that CNB has received from its legal, accounting and tax advisors as to all legal, accounting and tax matters relating to the Merger and the other transactions contemplated by the Agreement. We express no opinion as to any such matters. Our opinion is necessarily based on financial, regulatory, economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. Events occurring after the date hereof could materially affect this opinion. We have not undertaken to update, revise, reaffirm or withdraw this opinion or otherwise comment upon events occurring after the date hereof. We express no opinion as to the trading value of CNB Stock or ESSA Stock at any time, or what the value of CNB Stock will be once it is actually received by the holders of ESSA Stock. We will receive a fee for rendering this opinion, which fee is non-contingentand will become due and payable in full upon delivery hereof. Piper Sandler has not provided any other investment banking services to CNB or CNB Bank in the two years preceding the date of this opinion. Piper Sandler did not provide any investment banking services to ESSA or ESSA Bank in the two years preceding the date of this opinion. In the ordinary course of our business as a broker-dealer, we may purchase securities from and sell securities to CNB, ESSA and their respective affiliates. We may also actively trade the equity and debt securities of CNB and ESSA for our own account and for the accounts of our customers. Our opinion is directed to the Board of Directors of CNB in connection with its consideration of the Agreement and the Merger. Our opinion is directed only as to the fairness, from a financial point of view, of the Merger Consideration to CNB and does 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 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. We also do not express any opinion as to the fairness of the amount or nature of the compensation to be received in the Merger by any CNB officer, director or employee, or class of such persons, if any,