Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 151

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 151
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 possible strategic business combination with ESSA and that Mr. Olson should contact Mr. Peduzzi to discuss next steps. On September 11, 2024, Messrs. Olson and Peduzzi spoke on the telephone and agreed that it would be appropriate to have a meeting between Messrs. Olson

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and Peduzzi, along with the Chairpersons and a few additional members of each of the boards of directors of CNB and ESSA.

At a meeting of the ESSA M&A Committee on September 16, 2024, representatives of PNC FIG Advisory provided an updated overview of CNB and an updated illustrative financial overview of a potential business combination of ESSA and CNB, again based on an all stock merger transaction with a deal price of $21.00 per share of ESSA common stock, which translated into an updated exchange ratio of 0.902 shares of CNB common stock for each share of ESSA common stock based on the market price of CNB common stock at the time.

On September 23, 2024, Mr. Olson and ESSA directors Messrs. Selig, Henning and Hosbach met with Mr. Peduzzi, CNB Chairperson Jeffrey Powell and CNB director Nicholas Scott. The participants discussed their respective company’s corporate culture, operations and strategic priorities, as well as the regulatory and business environment in banking. At the conclusion of the meeting, Messrs. Powell and Peduzzi indicated that they would propose to the CNB Board of Directors at the next regularly scheduled meeting of the CNB Board of Directors that CNB provide ESSA with a non-binding indication of interest for a strategic merger of the two companies.

At a regularly scheduled meeting of the ESSA Board of Directors on September 24, 2024, the ESSA directors who participated in the meeting with CNB reported on their discussion to the ESSA Board of Directors and indicated their general favorable impression of CNB and its operations. The ESSA Board of Directors was informed that CNB was considering providing ESSA with a non-binding indication of interest for a strategic merger transaction.

On October 15, 2024, at an executive session following a regularly scheduled meeting of the CNB Board of Directors, the CNB Board of Directors received a positive report from Messrs. Powell, Scott, and Peduzzi regarding discussion held with ESSA’s Chief Executive Officer, Chairperson, and board members on