Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 178

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 178
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A may have interests in the merger that are different from, or in addition to, interests of shareholders of ESSA generally and may create potential conflicts of interest. The ESSA Board of Directors was aware of these interests and considered them when evaluating and negotiating the merger agreement, the merger and the other transactions contemplated by the merger agreement, and in recommending to ESSA’s shareholders that they vote in favor of the merger proposal. See the section entitled “The Merger—Interests of Certain ESSA Directors and Executive Officers in the Merger” beginning on page 144 for more information. The foregoing discussion of the material information and factors considered by the ESSA Board of Directors is not intended to be exhaustive and may not include all of the factors considered by the ESSA Board of Directors. In view of the variety of factors considered in connection with its consideration of the merger and the other transactions contemplated by the merger agreement, and the complexity of these matters, the ESSA Board of Directors did not quantify or assign any relative weights to the factors considered, and individual directors may have given different weights to different factors. The above factors are not listed in any particular order of priority. The ESSA Board of Directors considered all these factors as a whole. It should be noted that this explanation of the reasoning of the ESSA Board of Directors and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed in the section titled “Information Regarding Forward-Looking Statements.” For the reasons set forth above, the ESSA Board of Directors determined that the merger agreement and the transactions contemplated thereby, including the merger, are advisable and in the best interests of ESSA and its shareholders, and unanimously adopted and approved the merger agreement and the transactions contemplated by it. Accordingly, the ESSA Board of Directors unanimously recommends that ESSA shareholders vote “FOR” the ESSA merger proposal, “FOR” the ESSA compensation proposal, and “FOR” the ESSA adjournment proposal. 132

Opinion of ESSA’s Financial Advisor ESSA retained PNC FIG Advisory to act as ESSA’s financial advisor in connection with the possible business combination of ESSA with another party. PNC FIG Advisory is a nationally recognized investment banking firm whose principal business specialty is financial institutions. In the ordinary course of its investment banking business, PNC FIG Advisory is regularly engaged in the valuation of financial institutions and their securities in