Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 172

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 172
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 and PNC FIG Advisory was not furnished with any such valuation or appraisal. PNC FIG Advisory’s opinion was based on conditions as they existed and the information PNC FIG Advisory received, as of the date of PNC FIG Advisory’s opinion. PNC FIG Advisory does not have any obligation to update, revise or reaffirm its opinion. PNC FIG Advisory expressed no opinion as to the actual value of CNB common stock when issued in the merger or the prices at which ESSA common stock or CNB common stock might trade at any time. 134

In rendering PNC FIG Advisory’s opinion, PNC FIG Advisory assumed, with ESSA’s consent, that the merger and related transactions would be consummated on the terms described in the merger agreement, without any waiver or modification of any material terms or conditions. PNC FIG Advisory also assumed, with ESSA’s consent, that, in the course of obtaining the necessary governmental, regulatory and other third-party approvals, consents and releases for the merger, including with respect to applicable requirements set forth in the ESSA Consent Order or any divestiture or other requirements, no delay, limitation, restriction or condition would be imposed that would have an adverse effect on ESSA, CNB or the merger (including the contemplated benefits thereof). PNC FIG Advisory also assumed, with ESSA’s consent, that the final merger agreement would not differ from the draft reviewed by PNC FIG Advisory in any respect material to PNC FIG Advisory’s analyses or opinion. PNC FIG Advisory further assumed, with ESSA’s consent, that the merger would constitute a reorganization within the meaning of Section 368(a) of the Code for U.S. federal income tax purposes. PNC FIG Advisory expressed no view or opinion as to any terms or other aspects (other than the exchange ratio to the extent expressly specified in PNC FIG Advisory’s opinion) of the merger or any related transaction, including any matters relating to the ESSA Bank ESOP or the termination thereof. PNC FIG Advisory’s opinion did not address the relative merits of the merger as compared to any other transaction or business strategy in which ESSA might engage or the merits of the underlying decision by ESSA to engage in the merger. PNC FIG Advisory expressed no opinion with respect to the fairness of the amount or nature of any compensation to any of the officers, directors, or employees of any party to the merger, or any class of such persons, relative to the exchange ratio or