Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 147

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 147
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 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 of CNB common stock in connection with the merger, (iii) directed that the approval of the issuance CNB common stock in connection with the merger be submitted to holders of CNB common stock and (iv) recommended that the holders of CNB common stock vote their shares to approve the CNB share issuance proposal. Following the respective board meetings of ESSA and CNB, ESSA and CNB executed the merger agreement and the directors and certain executive officers of ESSA and CNB each executed the voting agreements with CNB and ESSA, respectively. The next morning, CNB and ESSA issued a joint press release announcing the execution of the merger agreement. Recommendation of the CNB Board of Directors and CNB’s Reasons for the Merger After careful consideration, the CNB Board of Directors, at a special meeting held on January 9, 2025, unanimously (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 of CNB common stock in connection with the merger, (iii) directed that the approval of the issuance CNB common stock in connection with the merger be submitted to holders of CNB common stock and (iv) recommended that the holders of CNB common stock vote their shares to approve the CNB share issuance proposal. Accordingly, the CNB Board of Directors unanimously recommends that CNB shareholders vote “ FOR” the CNB share issuance proposal and “ FOR” the CNB adjournment proposal. In reaching its decision to approve and adopt the merger agreement and the transactions contemplated thereby, including the merger and the issuance of CNB common stock in connection with the merger, and to recommend that CNB’s shareholders approve the CNB share issuance proposal and the CNB adjournment proposal, the CNB Board of Directors evaluated the merger agreement, the merger and the other transactions contemplated by the merger agreement