Company: CCNE
Filing Date: 2025-01-10
Form Type: 425
Source: 0001193125-25-004105
Chunk: 1

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 425
Chunk 1
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 emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2of the Securities Exchange Act of 1934 (§240.12b-2of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

| Item 1.01. | Entry into a Material Definitive Agreement. |

On January 9, 2025, CNB Financial Corporation (“CNB”) and CNB Bank, CNB’s subsidiary bank, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ESSA Bancorp, Inc. (“ESSA”) and ESSA Bank & Trust (“ESSA Bank”), ESSA’s subsidiary bank, and pursuant to which CNB will acquire ESSA. Subject to the terms and conditions of the Merger Agreement, which has been unanimously approved by the boards of directors of each party, ESSA will merge with and into CNB, with CNB as the surviving entity, and immediately thereafter, ESSA Bank will merge with and into CNB Bank, with CNB Bank as the surviving bank (the “Merger”). Under the terms of the Merger Agreement, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of CNB’s common stock (the “Merger Consideration”). The Merger is subject to customary closing conditions, including the receipt of regulatory approvals, and approval by the shareholders of ESSA and CNB, and is expected to close in the third quarter of 2025. CNB and CNB Bank have agreed to appoint Gary S. Olson, Robert C. Selig, Jr. and Daniel J. Henning to their boards of directors. Concurrently with entering into the Merger Agreement, CNB entered into voting agreements with each of the directors and certain executive officers of ESSA in their capacity as shareholders of ESSA (the “ESSA Voting Agreements”), pursuant to which such shareholders agreed to vote their shares of ESSA common stock in favor of the Merger, and ESSA entered into voting agreements with each of the directors and certain executive officers of CNB in their capacity