Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 160

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 160
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| • |     | an execution copy of the merger agreement; |

| • |     | certain publicly available financial statements and other historical financial information of CNB that Piper Sandler deemed relevant; |

| • |     | certain publicly available financial statements and other historical financial information of ESSA that Piper Sandler deemed relevant; |

| • |     | the pro forma financial impact of the merger on CNB based on certain assumptions relating to transaction expenses, purchase accounting adjustments and cost savings, as well as the divestiture of certain ESSA branches and the sale of certain ESSA loans subsequent to the closing of the merger, as provided by the senior management of CNB and its representatives; |

| • |     | the publicly reported historical price and trading activity for CNB common stock and ESSA common stock, including a comparison of certain stock trading information for CNB common stock and ESSA common stock and certain stock indices, as well as publicly available information for certain other companies, the securities of which are publicly traded; |

| • |     | a comparison of certain financial and market information for CNB and ESSA with similar financial institutions for which information is publicly available; |

| • |     | the financial terms of certain recent business combinations in the bank and thrift industry (on a regional and nationwide basis), to the extent publicly available; |

| • |     | the current market environment generally and the banking environment in particular; and |

| • |     | such other information, financial studies, analyses and investigations and financial, economic and market criteria as Piper Sandler considered relevant. |

Piper Sandler also discussed with certain members of the senior management of CNB and its representatives the business, financial condition, results of operations and prospects of CNB. 119

In performing its review, Piper Sandler relied upon the accuracy and completeness of all of the financial and other information that was available to and reviewed by Piper Sandler from public sources, that was provided to Piper Sandler by CNB and its representatives, or that was otherwise reviewed by Piper Sandler, and Piper Sandler assumed such accuracy and completeness for purposes of rendering its opinion without any independent verification or investigation. Piper Sandler relied on the assurances of the senior management of CNB that they were not aware of any facts or circumstances that would have made any of such information inaccurate or misleading. Piper Sandler was not asked to and did not undertake an independent verification of any of such information and Piper Sandler did not assume any responsibility or