Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 42

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 42
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, CNB’s financial advisor in connection with the proposed merger, and the opinion of PNC FIG Advisory, ESSA’s financial advisor in connection with the proposed merger, were delivered to the boards of directors of CNB and ESSA,
respectively, on, and dated, January 9, 2025. Each of the opinions speaks only as of the date of the opinion. The opinions do not reflect changes that may occur or may have occurred after the date of the opinions, including changes to the
operations and prospects of CNB or ESSA, changes in general market and economic conditions or regulatory or other factors. Any such changes may materially alter or affect the relative values of CNB and ESSA.

23

The merger agreement may be terminated in accordance with its terms and the merger may not be completed. CNB and ESSA can mutually agree to terminate the merger agreement at any time before the merger has been completed, and either company can terminate the merger agreement if:

| • |     | any regulatory approval required for consummation of the merger and the other transactions contemplated by the                                                                                                    
 merger agreement has been denied by final, nonappealable action of any regulatory authority, or an application for regulatory approval has been permanently withdrawn at the request of a governmental authority; |

| • |     | the required approval of the CNB share issuance proposal by CNB shareholders or the required approval of the ESSA 
 merger proposal by ESSA shareholders is not obtained;                                                             |

| • |     | the other party materially breaches any of its representations, warranties, covenants or other agreements set                                                                                                                                          
 forth in the merger agreement (provided that the terminating party is not then in material breach of any representation, warranty, covenant or other agreement contained in the merger agreement), which breach is not cured within 30 days of written 
 notice of the breach, or by its nature cannot be cured prior to the closing of the merger, and such breach would entitle the non-breaching party not to consummate the merger; or                                                                      |

In addition, CNB may terminate the merger agreement if:

| • |     | ESSA breaches the non-solicitation provisions in the merger agreement; or |

| • |     | the ESSA Board of Directors: |

| ◾ | fails to recommend approval of the merger agreement, or withdraws, modifies or changes such recommendation in a 
 manner adverse to CNB’s interests; or                                                                           |

| ◾ | recommends, proposes or publicly