Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 365

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 365
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 of banking companies that we 
 selected as relevant to our analysis of ESSA and CNB;                                                         |

| • |     | Reviewed and analyzed certain publicly available financial data of transactions that we selected as relevant to 
 our analysis of ESSA;                                                                                           |

| • |     | Considered CNB’s financial and capital position and certain potential pro forma financial effects of the 
 Merger on CNB;                                                                                           |

| • |     | Conducted other analyses and reviewed other information we considered necessary or appropriate; and |

| • |     | Incorporated our assessment of the overall economic environment and market conditions, as well as our experience 
 in mergers and acquisitions, bank stock valuations and other transactions.                                       |

In rendering our opinion, we also relied upon and assumed, without independent verification, the accuracy, reasonableness and completeness of the information provided to us by or on behalf of ESSA and CNB (“Materials Received”) and publicly available information used in our analyses. PNC does not assume any responsibility for the accuracy, reasonableness and completeness of any of the foregoing Materials Received and publicly available information or for the independent verification thereof. Further, we have relied on the assurances of managements of ESSA and CNB that they are not aware of any facts or circumstances that would make any of the Materials Received inaccurate or misleading. With respect to the financial projections and forecasts for ESSA and research analysts’ estimates and long-term growth rate and other assumptions for CNB reviewed by us and other non-publicinformation related to projected cost savings referred to above, we have assumed, with your consent, that they have been reasonably prepared on bases reflecting (or, in the case of research analysts’ estimates, are consistent with) the best currently available estimates and judgments of the respective managements of ESSA and CNB, as the case may be, as to the future financial performance of ESSA and CNB and such cost savings and that the financial results reflected in such projections, forecasts, estimates and assumptions as well as such cost savings will be realized in the amounts and at the times projected. We assume no responsibility for and express no view as to any of the foregoing information reviewed by us or the assumptions on which they are based. PNC is not an expert in the evaluation of deposit accounts or loan, mortgage or similar portfolios or allowances for losses with respect thereto and we were not requested to, and we did not, conduct a review of individual credit files or loan, mortgage or similar portfolios. We