Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 37

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 37
---
 opinion to the effect that the merger will so qualify. Assuming the holding company merger so qualifies, ESSA shareholders generally will not recognize any gain or loss for U.S. federal income tax purposes on the exchange of their ESSA common stock for CNB common stock in the holding company merger except with respect to any cash received by ESSA shareholders in lieu of a fractional share of CNB common stock. ESSA shareholders are urged to read the discussion in the section entitled “The Merger—Material U.S. Federal Income Tax Consequences of the Merger” beginning on page 148 and to consult their tax advisors for a full explanation of the tax consequences of the merger. Regulatory Approvals Required for the Merger(Page 150) Approval, or waiver of formal application and approval requirements, by the FDIC, the PADOBS and the Federal Reserve Bank of Philadelphia is required to consummate the merger. As of the date of this joint proxy statement/prospectus, CNB has not yet received any approvals or waivers from these regulators. While neither CNB nor ESSA knows of any reason why the parties would not obtain the approvals or waivers in a timely manner, CNB and ESSA cannot be certain when or if such required regulatory approvals or waivers will be obtained. Accounting Treatment of the Merger(Page 151) The merger will be accounted for using the acquisition method of accounting with CNB treated as the acquirer. Under this method of accounting, ESSA’s assets and liabilities will be recorded by CNB at their respective fair values as of the closing date of the merger and added to those of CNB. Any excess of purchase price over the net fair values of ESSA’s assets and liabilities will be recorded as goodwill. Any excess of the fair value of ESSA’s net assets over the purchase price will be recognized as earnings by CNB on the closing date of the merger. Dissenters’ Rights(Page 152) ESSA shareholders are not entitled to appraisal or dissenters’ rights with respect to the merger.

19

Listing of CNB Common Stock to be Issued in the Merger(Page 152)

CNB common stock will continue to trade on NASDAQ under the symbol “CCNE.”

Differences Between Rights of CNB and ESSA Shareholders(Page 174)

As a result of the merger, holders of ESSA common stock will become holders of CNB common stock. Following the merger, ESSA shareholders will have different rights as shareholders of