Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 14

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 14
---
 the holding company merger except with respect to any cash received by ESSA shareholders in lieu of a fractional share of CNB common stock. See the section entitled “The Merger—Material U.S. Federal Income Tax Consequences of the Merger” beginning on page 149. |

| Q: | Will ESSA shareholders be able to trade the shares of CNB common stock that they receive in the merger? |

| A: | If you are an ESSA shareholder, you may freely trade the shares of CNB common stock issued in the merger unless you are an “affiliate” of CNB as defined by Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”). Affiliates consist of individuals or entities that control, are controlled by, or are under common control with CNB and include executive officers and directors and may include significant shareholders of CNB. |

| Q: | What are the conditions to completion of the merger? |

| A: | The obligations of CNB and ESSA to complete the merger are subject to the satisfaction or waiver of certain closing conditions contained in the merger agreement, including the receipt of required regulatory approvals and/or waivers, the receipt of tax opinions, the approval of the CNB share issuance proposal by the shareholders of CNB and the approval of the ESSA merger proposal by the shareholders of ESSA. |

| Q: | When do you expect the merger to be completed? |

| A: | We will complete the merger when all of the conditions to completion contained in the merger agreement are satisfied or waived, including obtaining required regulatory approvals and/or waivers and the required approvals by CNB and ESSA shareholders at their respective shareholder meetings. While we expect the merger to be completed in the third quarter of 2025, because fulfillment of some of the conditions to completion of the merger is not within our control, we cannot assure you of the actual timing. |

| Q: | What shareholder approvals are required to complete the merger? |

| A: | The merger cannot be completed unless (i) CNB receives the affirmative vote of a majority of the votes cast on the CNB share issuance proposal and (ii) ESSA receives the affirmative vote of a majority of the votes cast on the ESSA merger proposal. |

| Q: | Are there any CNB shareholders already committed to voting in favor of the CNB share issuance proposal? |

| A: | Yes. Each of the directors and certain executive