Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 31

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 31
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 structure of the merger or any other transactions contemplated in the merger agreement, the relative merits of the merger as compared to any other alternative transactions or business strategies that might exist for CNB or the effect of any other transaction in which CNB might engage. See the section entitled “The Merger—Opinion of CNB’s Financial Advisor” beginning on page 117 for more information relating to Piper Sandler’s opinion.

Opinion of ESSA’s Financial Advisor(Page 132)

In connection with the proposed merger, the board of directors of ESSA received a written opinion, dated January 9, 2025, from ESSA’s financial advisor, PNC FIG Advisory, part of PNC Capital Markets, LLC (“PNC FIG Advisory” 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 132 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 144) 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