Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 170

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 170
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 as a whole. It should be noted that this explanation of the reasoning of the ESSA 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.” For the reasons set forth above, the ESSA Board of Directors determined that the merger agreement and the transactions contemplated thereby, including the merger, are advisable and in the best interests of ESSA and its shareholders, and unanimously adopted and approved the merger agreement and the transactions contemplated by it. Accordingly, the ESSA Board of Directors unanimously recommends that ESSA shareholders vote “FOR” the ESSA merger proposal, “FOR” the ESSA compensation proposal, and “FOR” the ESSA adjournment proposal. 132

Opinion of ESSA’s Financial Advisor ESSA retained PNC FIG Advisory to act as ESSA’s financial advisor in connection with the possible business combination of ESSA with another party. PNC FIG Advisory is a nationally recognized investment banking firm whose principal business specialty is financial institutions. In the ordinary course of its investment banking business, PNC FIG Advisory is regularly engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions and other corporate transactions. On January 9, 2025, PNC FIG Advisory delivered its opinion to the ESSA Board of Directors to the effect that, as of such date and based upon and subject to various considerations set forth in the opinion, the exchange ratio provided for in the merger was fair to the holders of ESSA common stock from a financial point of view. The full text of PNC FIG Advisory’s written opinion to ESSA, which sets forth, among other things, the assumptions made, procedures followed, factors considered and limitations on the review undertaken, is attached as Annex Bto this joint proxy statement/prospectus and is incorporated by reference in its entirety into this joint proxy statement/prospectus. Holders of ESSA common stock are encouraged to read the opinion carefully in its entirety. The following summary of PNC FIG Advisory’s opinion is qualified in its entirety by reference to the full text of such opinion. 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