Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 154

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 154
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 the exchange ratio was fair, from a financial point of view, to the holders of ESSA common stock. See the section entitled “—Opinion of ESSA’s Financial Advisor” beginning on page 132 and Annex C. Luse Gorman discussed the fiduciary duties of the ESSA Board of Directors applicable to the transaction and then reviewed in detail the terms of the merger agreement and related documents. At the conclusion of the discussion, the ESSA Board of Directors unanimously approved the merger agreement and the transactions contemplated thereby, and recommended the approval of the merger agreement by the ESSA shareholders. For further information concerning the factors considered by the ESSA Board of Directors in reaching its decision to approve the merger agreement, the merger and the other transactions contemplated by the merger agreement, see the section entitled “—Recommendation of the ESSA Board of Directors and ESSA’s Reasons for the Merger” beginning on page 128.

Also on January 9, 2025 the CNB Board of Directors held a special meeting, at which representatives of Stephens, Piper Sandler and Hogan Lovells were in attendance. At the meeting, representatives of Stephens

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#### provided an updated model outlining the proposed transaction. Representatives of Piper Sandler then reviewed the financial aspects of the proposed transaction and provided Piper Sandler’s opinion, which was initially verbal and confirmed by a written opinion dated January 9, 2025 (a copy of which is attached to this joint proxy statement/prospectus asAnnex B), that, as of such date, the merger consideration was fair to CNB from a financial point of view. Representatives of Hogan Lovells reviewed the terms of the proposed merger agreement and related transaction documents. The CNB Board of Directors then discussed the proposed transaction and its effect on CNB. Taking into consideration the matters discussed during that meeting and prior meetings of the CNB Board of Directors, including the factors described under the section entitled “—Recommendation of the CNB Board of Directors and CNB’s Reasons for the Merger” beginning on page 115, the CNB Board of Directors (i) determined that the merger and the merger agreement and the transactions contemplated thereby, including the issuance of CNB common stock in connection with the merger, are advisable and in the best interests of CNB and its shareholders, (ii) approved the execution and delivery of the merger agreement and the consummation of the transactions contemplated thereby, including the merger and the issuance