Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 158

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 158
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 Board of Directors. In view of the variety of factors considered in connection with its consideration of the merger and the other transactions contemplated by the merger agreement, and the complexity of these matters, the CNB Board of Directors did not quantify or assign any relative weights to the factors considered, and individual directors may have given different weights to different factors. The above factors are not listed in any particular order of priority. The CNB Board of Directors considered all these factors as a whole. It should be noted that this explanation of the reasoning of the CNB Board of Directors and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed in the section titled “Information Regarding Forward-Looking Statements” beginning on page 30. For the reasons set forth above, the CNB Board of Directors determined that the merger agreement and the transactions contemplated thereby, including the merger and the issuance of CNB common stock in connection with the merger, are advisable and in the best interests of CNB and its shareholders, and unanimously adopted and approved the merger agreement and the transactions contemplated by it. Accordingly, the CNB Board of Directors unanimously recommends that CNB shareholders vote “ FOR” the CNB share issuance proposal and “ FOR” the CNB adjournment proposal. Opinion of CNB’s Financial Advisor CNB retained Piper Sandler to render an opinion to the CNB Board of Directors in connection with CNB’s consideration of a possible business combination with ESSA. CNB selected Piper Sandler to render an opinion because Piper Sandler is a nationally recognized investment banking firm whose principal business specialty is financial institutions. In the ordinary course of its investment banking business, Piper Sandler is regularly engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions and other corporate transactions. At the January 9, 2025 meeting at which the CNB Board of Directors considered the merger and the merger agreement, Piper Sandler delivered to the CNB Board of Directors its oral opinion, which was subsequently confirmed in writing on January 9, 2025, to the effect that, as of such date, the merger consideration was fair to CNB from a financial point of view. The full text of Piper Sandler’s opinion is attached as Annex Bto this joint proxy statement/prospectus. The opinion outlines the procedures followed, assumptions made, matters considered and qualifications and limitations on the review undertaken by Piper Sandler in rendering its opinion. The description of the opinion set forth below is