Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 384

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 384
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 relative to the amount of compensation to be received by any other shareholder, if any. This opinion has been approved by Piper Sandler’s fairness opinion committee. This opinion may not be reproduced without Piper Sandler’s prior written consent; provided, however, Piper Sandler will provide its consent for the opinion to be included in any regulatory filings, including the Merger Registration Statement and the Joint Proxy Statement/Prospectus to be filed with the SEC and mailed to shareholders in connection with the Merger. Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Merger Consideration is fair, from a financial point of view, to CNB.

| Very truly yours, |

B-4

<div align='center'>**ANNEX C

OPINION OF PNC FIG ADVISORY, PART OF PNC CAPITAL MARKETS LLC

C-1**</div>

January 9, 2025 Board of Directors ESSA Bancorp, Inc. 200 Palmer Street Stroudsburg, PA 18360 Dear Board of Directors: This letter sets forth the opinion of PNC FIG Advisory, part of PNC Capital Markets LLC (“PNC”) as to the fairness, from a financial point of view, to the holders of the common stock of ESSA Bancorp, Inc. (“ESSA”) of Stroudsburg, Pennsylvania of the Exchange Ratio (as defined below) provided for in the Merger Agreement (as defined below) in connection with the merger of ESSA with and into CNB Financial Corporation (“CNB”) (such merger, the “Merger”). In the Merger, each share of the common stock, par value $0.01 per share, of ESSA (“ESSA Common Stock”) issued and outstanding immediately prior to the Effective Time will be converted into the right to receive 0.8547 (the “Exchange Ratio”) of a share of the common stock, no par value, of CNB (“CNB Common Stock”). Capitalized terms used herein without definition have the meanings assigned to them in the Merger Agreement. The terms and conditions of the Merger are more fully set forth in the Merger Agreement. In rendering our opinion, we:

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

| • |     | Reviewed certain non-public information provided to us by or on behalf