Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 31

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 31
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” or “PNC”), as to the fairness, from a financial point of view and as of the date of such opinion, of the exchange ratio provided for in the merger. The full text of the opinion of PNC FIG Advisory, dated January 9, 2025, is included in this document as AnnexC. ESSA encourages you to read this opinion carefully in its entirety for a description of the assumptions made, procedures followed, factors considered, and limitations of the review undertaken by PNC FIG Advisory. PNC FIG Advisory’s opinion was rendered to the ESSA Board of Directors for the benefit of the ESSA Board of Directors (in its capacity as such) in connection with its evaluation of the merger. PNC FIG Advisory’s opinion is not intended to and does not constitute a recommendation to any shareholder as to how such shareholder should vote or act with respect to the merger or any matter relating thereto. PNC FIG Advisory’s opinion does not address the relative merits of the merger as compared to any other transaction or business strategy in which ESSA might engage or the merits of the underlying decision by ESSA to engage in the merger. See the section entitled “The Merger—Opinion of ESSA’s Financial Advisor” beginning on page 133 for more information relating to PNC FIG Advisory’s opinion.

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Interests of Certain CNB Directors and Executive Officers in the Merger(Page 145) In considering the information contained in this joint proxy statement/prospectus, you should be aware that CNB’s directors and executive officers have interests in the merger that are different from, or in addition to, the interests of CNB shareholders generally. The CNB Board of Directors was aware of these interests and considered them, among other things, in approving the merger. These interests include, among other things:

| • |     | the expectation that each current member of the CNB Board of Directors will continue to serve as a director of the board of directors of the combined company; and |

| • |     | the expectation that each current CNB executive officer will continue in his or her role as an executive officer of the combined company. |

See the section entitled “The Merger—Interests of Certain CNB Directors and Executive Officers in the Merger” beginning on page 145 for a discussion of these interests. Interests of Certain ESSA Directors and Executive Officers in the Merger(Page 145) In considering the information contained in this joint proxy