Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 367

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 367
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 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 large diversified financial services company. PNC Financial and its affiliates are engaged in a broad range of financial services and securities activities. PNC Financial or an
affiliate (other than PNC FIG Advisory) provides, or has provided, certain financial services to ESSA Bank & Trust, CNB and CNB Bank, including, among other things, providing various commercial banking services to ESSA Bank & Trust
and CNB Bank and providing a 364-day revolving credit facility to CNB which has been renewed annually. We and our affiliates may from time to time purchase securities from, and sell securities to, ESSA
Bank & Trust and CNB Bank. In the future, PNC Financial may pursue opportunities to provide financial services to ESSA or CNB, including the provision of investment banking or other consulting services by PNC Capital Markets LLC.

Our opinion is for the benefit of the Board of Directors of ESSA (in its capacity as such) and our opinion is rendered to the Board of
Directors of ESSA in connection with its evaluation of the Merger.