Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 37

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 37
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, or waiver of formal application and approval requirements, by the FDIC, the PADOBS and the Federal Reserve Bank of Philadelphia is required to consummate the merger. As of the date of this joint proxy statement/prospectus, CNB has not yet received any approvals or waivers from these regulators. While neither CNB nor ESSA knows of any reason why the parties would not obtain the approvals or waivers in a timely manner, CNB and ESSA cannot be certain when or if such required regulatory approvals or waivers will be obtained. Accounting Treatment of the Merger(Page 152) The merger will be accounted for using the acquisition method of accounting with CNB treated as the acquirer. Under this method of accounting, ESSA’s assets and liabilities will be recorded by CNB at their respective fair values as of the closing date of the merger and added to those of CNB. Any excess of purchase price over the net fair values of ESSA’s assets and liabilities will be recorded as goodwill. Any excess of the fair value of ESSA’s net assets over the purchase price will be recognized as earnings by CNB on the closing date of the merger. Dissenters’ Rights(Page 153) ESSA shareholders are not entitled to appraisal or dissenters’ rights with respect to the merger.

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Listing of CNB Common Stock to be Issued in the Merger(Page 153)

CNB common stock will continue to trade on NASDAQ under the symbol “CCNE.”

Litigation Related to the Merger(Page 153)

Since the initial filing on February 20, 2025 of the registration statement of which this joint proxy statement/prospectus is a part, CNB has received one demand letter (“Demand Letter”) from a purported CNB shareholder generally alleging that the registration statement filed with the SEC on February 20, 2025 omits material information in violation of the federal securities laws. The shareholder has demanded disclosure of certain additional information pertaining to certain financial projections for CNB and ESSA, certain information with respect to Piper Sandler’s analysis, and other requested disclosures. Please see the section of this joint proxy statement/prospectus entitled “Risk Factors—Risks Relating to the Merger—Since the initial filing on February 20, 2025 of the registration statement of which this joint proxy statement/prospectus is a part, CNB and the CNB Board of Directors has received one Demand Letter from a purported CNB shareholder, which could result in litigation related