Company: CCNE
Filing Date: 2025-01-10
Form Type: 425
Source: 0001193125-25-004105
Chunk: 140

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 425
Chunk 140
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 Tangible Assets CCNE CCNE ESSA Source: S&P Global Market Intelligence; Bloomberg. 24 Note: 9/30/2024 is ESSA fiscal year end.

Non-GAAP Reconciliations (cont.) Return on Average Tangible Common Equity CCNE ESSA Source: S&P Global Market Intelligence. 25 Note: 9/30/2024 is ESSA fiscal year end.

Exhibit 99.2 CNB Financial Corporation and ESSA Bancorp, Inc. Announce Strategic Merger CLEARFIELD, PA & STROUDSBURG, PA — January 10, 2025 (GLOBAL NEWSWIRE) — CNB Financial Corporation (Nasdaq: CCNE) (“CNB”), parent company of CNB Bank, and ESSA Bancorp, Inc. (Nasdaq: ESSA) (“ESSA”), parent company of ESSA Bank & Trust (“ESSA Bank”), jointly announced today that they have entered into a definitive agreement pursuant to which ESSA will merge with and into CNB, and ESSA Bank will merge with and into CNB Bank. The combined company is expected to have approximately $8 billion in total assets, $7 billion in total deposits, and $6 billion in total loans. The transaction consideration is all common stock and is presently valued at approximately $214 million in the aggregate, or approximately $21.10 per ESSA share, based upon the 10-dayvolume weighted average stock price (VWAP) of $24.69 for CNB common stock as of January 8, 2025. Under the terms of the merger agreement, the transaction is expected to be a tax-freeexchange for shareholders of ESSA for U.S. federal income tax purposes. ESSA shareholders will receive 0.8547 shares of CNB common stock for each outstanding share of ESSA common stock. Headquartered in Stroudsburg, PA, ESSA operates 20 community offices throughout the Lehigh Valley, Greater Pocono, Scranton/Wilkes-Barre, and suburban Philadelphia areas. Following completion of the merger, ESSA Bank & Trust will operate as ESSA Bank, a division of CNB Bank (“ESSA Bank” or “ESSA division”), operating within its existing geographic footprint. CNB anticipates accelerating growth in the greater Lehigh Valley and Scranton/Wilkes-Barre markets utilizing its commercial-oriented playbook and expanding fee-basedbusiness