Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 179

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 179
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 connection with mergers and acquisitions and other corporate transactions. On January 9, 2025, PNC FIG Advisory delivered its opinion to the ESSA Board of Directors to the effect that, as of such date and based upon and subject to various considerations set forth in the opinion, the exchange ratio provided for in the merger was fair to the holders of ESSA common stock from a financial point of view. The full text of PNC FIG Advisory’s written opinion to ESSA, which sets forth, among other things, the assumptions made, procedures followed, factors considered and limitations on the review undertaken, is attached as Annex Bto this joint proxy statement/prospectus and is incorporated by reference in its entirety into this joint proxy statement/prospectus. Holders of ESSA common stock are encouraged to read the opinion carefully in its entirety. The following summary of PNC FIG Advisory’s opinion is qualified in its entirety by reference to the full text of such opinion. PNC FIG Advisory’s opinion was rendered to the ESSA Board of Directors for the benefit of the ESSA Board of Directors (in its capacity as such) in connection with its evaluation of the merger. PNC FIG Advisory’s opinion is not intended to and does not constitute a recommendation to any shareholder as to how such shareholder should vote or act with respect to the merger or any matter relating thereto. PNC FIG Advisory’s 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. No limitations were imposed by ESSA on the scope of PNC FIG Advisory’s investigation or on the procedures followed by PNC FIG Advisory in rendering its opinion. In rendering the opinion, PNC FIG Advisory:

| • |     | Reviewed other publicly available information regarding ESSA and CNB, including research analysts’ estimates for CNB discussed with PNC FIG Advisory by the management of CNB; |

| • |     | Reviewed certain non-public information provided to PNC FIG Advisory by or on behalf of ESSA and CNB, regarding ESSA and CNB (including financial projections and forecasts for ESSA provided to PNC FIG Advisory by the management of ESSA and long-term growth rate and other assumptions for CNB provided to PNC FIG Advisory by the management of CNB) and projected cost savings anticipated by the management of CNB to be realized from the merger;