Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 387

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 387
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In rendering our opinion, we have assumed, with your consent, that the Merger and related transactions will be consummated on the terms described in the Merger Agreement, without any waiver or modification of any material terms or conditions. We also have assumed, with your consent, that, in the course of obtaining the necessary governmental, regulatory and other third party approvals, consents and releases for the Merger, including with respect to applicable requirements set forth in the Consent Order or any divestiture or other requirements, no delay, limitation, restriction or condition will be imposed that would have an adverse effect on ESSA, CNB or the Merger (including the contemplated benefits thereof). We also have assumed, with your consent, that the final Merger Agreement will not differ from the draft reviewed by us in any respect material to our analyses or opinion. We further have assumed, with your consent, that the Merger will constitute a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, for U.S. federal income tax purposes.

We express no view or opinion as to any terms or other aspects (other than the Exchange Ratio to the extent expressly specified herein) of the Merger or any related transaction, including any matters relating to the Essa Bank & Trust Employee Stock Ownership Plan or the termination thereof. Our 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. PNC expresses no opinion with respect to the fairness of the amount or nature of any compensation to any of the officers, directors, or employees of any party to the Merger, or any class of such persons, relative to the Exchange Ratio or otherwise.

PNC’s fairness committee has approved the issuance of this fairness opinion letter.

ESSA has engaged the services of PNC to act as its financial advisor in connection with the Merger and has agreed to pay PNC a fee for such services, a portion of which is payable upon delivery of this opinion and a significant portion of which is contingent upon the closing of the Merger. In addition, portions of PNC’s fee became payable after the signing of our engagement agreement and after the execution of an exclusivity agreement between ESSA and CNB.

PNC Capital Markets LLC is a wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC Financial”), a