Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 386

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 386
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as defined below) provided for in the Merger Agreement (as defined below) in connection with the merger of ESSA with and into CNB Financial Corporation (“CNB”) (such merger, the “Merger”). In the Merger, each share of the common stock, par value $0.01 per share, of ESSA (“ESSA Common Stock”) issued and outstanding immediately prior to the Effective Time will be converted into the right to receive 0.8547 (the “Exchange Ratio”) of a share of the common stock, no par value, of CNB (“CNB Common Stock”). Capitalized terms used herein without definition have the meanings assigned to them in the Merger Agreement. The terms and conditions of the Merger are more fully set forth in the Merger Agreement. In rendering our opinion, we:

| • |     | Reviewed other publicly available information regarding ESSA and CNB, including research analysts’ estimates for CNB discussed with us by the management of CNB; |

| • |     | Reviewed certain non-public information provided to us by or on behalf of ESSA and CNB regarding ESSA and CNB (including financial projections and forecasts for ESSA provided to us by the management of ESSA and long-term growth rate and other assumptions for CNB provided to us by the management of CNB) and projected cost savings anticipated by the management of CNB to be realized from the Merger; |

| • |     | Reviewed recently reported stock prices and trading activity of ESSA Common Stock and CNB Common Stock; |

| • |     | Discussed the past and current operations, financial condition and future prospects of ESSA and CNB with senior executives of ESSA and CNB, respectively; |

PNC Capital Markets LLC Member of The PNC Financial Services Group The Tower at PNC Plaza 300 Fifth Avenue Pittsburgh Pennsylvania 15222-2724 www.pnc.com Products and services are offered through PNC Capital Markets LLC, a registered broker dealer, member FINRA and SIPC a subsidiary of PNC Bank, N.A.: Not FDIC Insured. No Bank or Federal Government Guarantee. May Lose Value. C-2

| • |     | Reviewed and analyzed certain publicly available financial and stock market data of banking companies that we selected as relevant to our analysis of ESSA and CNB; |

| • |     | Reviewed and analyzed certain publicly available financial data of transactions that we selected as relevant to our analysis