Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 198

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 198
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 12 CFR 225.12(d)(2), which authorizes the Federal Reserve Bank of Philadelphia to waive application requirements associated with bank holding company mergers and a bank holding company acquiring a new subsidiary bank if the holding company transaction will occur simultaneously with the bank merger, and certain other conditions are met, including that the bank merger will be approved by the FDIC under the Bank Merger Act. If the Federal Reserve Bank of Philadelphia does not provide this waiver, CNB will seek the requisite approval from the Federal Reserve Bank of Philadelphia to consummate the merger. Accounting Treatment of the Merger 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 152

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 in earnings by CNB on the closing date of the merger. Financial statements of CNB issued after the merger will reflect these values but will not be
restated retroactively to reflect the historical financial position or results of operations of ESSA prior to the merger. The results of operations of ESSA will be included in the results of operations of CNB beginning on the effective date of the
merger.

Dissenters’ Appraisal Rights

ESSA shareholders are not entitled to appraisal or dissenters’ rights with respect to the merger.

Restrictions on Sales of Shares by Certain Affiliates

The shares of CNB common stock to be issued in the merger will be freely transferable under the Securities Act, except for shares issued to any shareholder who
is an “affiliate” of CNB as defined by Rule 144 under the Securities Act. Affiliates consist of individuals or entities that control, are controlled by or are under common control with CNB and include the executive officers and directors
of CNB and may include significant shareholders of CNB.

Stock Exchange Listing; Delisting and Deregistration of ESSA Common Stock.

The shares of CNB common stock to be issued in the merger will be listed for trading on NASDAQ and CNB will submit a notification form
to NASDAQ. Following the consummation of the merger, shares of CNB common stock will continue to