Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 146

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 146
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Advisory and Luse Gorman were in attendance. At the special meeting, PNC FIG Advisory reviewed its financial analysis and rendered to the ESSA Board of Directors an opinion to the effect that, as of such date and subject to the procedures followed,
assumptions made, matters considered and the qualifications and limitations on the review undertaken by it as set forth in its opinion, the exchange ratio was fair, from a financial point of view, to the holders of ESSA common stock. See the section
entitled “—Opinion of ESSA’s Financial Advisor” beginning on page 133 and Annex C. Luse Gorman discussed the fiduciary duties of the ESSA Board of Directors applicable to the transaction and then reviewed in detail the terms of
the merger agreement and related documents. At the conclusion of the discussion, the ESSA Board of Directors unanimously approved the merger agreement and the transactions contemplated thereby, and recommended the approval of the merger agreement by
the ESSA shareholders. For further information concerning the factors considered by the ESSA Board of Directors in reaching its decision to approve the merger agreement, the merger and the other transactions contemplated by the merger agreement, see
the section entitled “—Recommendation of the ESSA Board of Directors and ESSA’s Reasons for the Merger” beginning on page 129.

Also
on January 9, 2025 the CNB Board of Directors held a special meeting, at which representatives of Stephens, Piper Sandler and Hogan Lovells were in attendance. At the meeting, representatives of Stephens

115

provided an updated model outlining the proposed transaction. Representatives of Piper Sandler then reviewed the financial aspects of the proposed transaction and provided Piper Sandler’s opinion, which was initially verbal and confirmed by a written opinion dated January 9, 2025 (a copy of which is attached to this joint proxy statement/prospectus as Annex B), that, as of such date, the merger consideration was fair to CNB from a financial point of view. Representatives of Hogan Lovells reviewed the terms of the proposed merger agreement and related transaction documents. The CNB Board of Directors then discussed the proposed transaction and its effect on CNB. Taking into consideration the matters discussed during that meeting and prior meetings of the CNB Board of Directors, including the factors described under the section entitled “—Recommendation of the CNB Board of Directors and CNB’s Reasons for the Merger” beginning on page 116, the CNB Board