Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 175

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 175
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ion, cost savings, and increase in pro forma capital base; |

| • |     | the compatibility of the corporate cultures and leadership philosophies of ESSA and CNB; |

| • |     | the overall strength, experience and leadership of the management team of the combined company; |

| • |     | the current and prospective environment in the financial services industry in which ESSA operates, including national and local economic conditions, the interest rate environment and various fluctuations in interest rates, the regulatory environment, increased operating costs resulting from regulatory and compliance mandates, increasing competition from both banks and non-bank financial and financial technology firms, current financial market conditions and the likely effects of these factors on ESSA’s and the combined company’s potential growth, development, productivity and strategic options, and the execution risks of attempting to address the foregoing considerations as a standalone entity; |

| • |     | its views with respect to the strategic alternatives potentially available to ESSA, including continuing as a standalone company focusing exclusively on organic growth, pursuing other acquisitions or business combinations, and other transactions involving the sale of ESSA; |

| • |     | the fact that 100% of the merger consideration will be in CNB common stock, which offers ESSA’s shareholders the opportunity to participate as shareholders of CNB in the future earnings and performance of the combined company; |

| • |     | the fact that the exchange ratio is fixed, which the ESSA Board of Directors believed was consistent with market practice for transactions of this type and with the strategic purpose of the transaction; |

| • |     | that ESSA shareholders would own approximately  % of the combined company’s common stock; |

| • |     | that three members of the ESSA Board of Directors, Messrs. Olson, Selig and Henning, would join the Board of Directors of the combined company; |

| • |     | the fact that the combined company would continue to be publicly held following the merger and would continue to be traded on NASDAQ, providing the combined company’s shareholders with continued access to a public trading market, and that shareholders would be expected to have increased liquidity for their shares as a result of the higher market capitalization of the combined company, the significantly expanded shareholder base and the potential increase in interest from institutional investors and securities analysts; |

| • |     | the belief that, while no assurances could be given, the business and financial advantages contemplated in connection with the merger were likely to be achieved