Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 139

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 139
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 this proposal is not approved, the merger
will not be completed.

Vote Required for Approval

The affirmative vote of a majority of the votes cast on the proposal is required to approve the ESSA merger proposal. Abstentions and broker non-votes will have no effect on the outcome of the ESSA merger proposal.

Recommendation of the ESSA Board of Directors

THE ESSA BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE ESSA MERGER PROPOSAL.

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THE MERGER

The following discussion contains material information about the merger. The discussion is subject, and qualified in its entirety by reference, to the merger agreement and other documents attached as annexes to this joint proxy statement/prospectus. We urge you to read carefully this entire proxy statement/prospectus, including the merger agreement and other documents attached as annexes to this joint proxy statement/prospectus, for a more complete understanding of the merger.

General

On January 9, 2025, CNB, CNB Bank, ESSA and ESSA Bank entered into an Agreement and Plan of Merger pursuant to which (i) ESSA will merge with and
into CNB, with CNB as the surviving entity, and (ii) ESSA Bank will merge with and into CNB Bank, with CNB Bank as the surviving entity.

Upon
completion of the merger, holders of ESSA common stock (other than stock held by CNB or ESSA) will receive 0.8547 shares of CNB common stock for each share of ESSA common stock they own on the effective date of the merger. ESSA shareholders will
also receive cash in lieu of any fractional shares they would have otherwise received in the merger.

See the section entitled “The Merger
Agreement” beginning on page 156 for additional information regarding the legal documents that govern the merger, including information about the conditions to the merger and the provisions for terminating or amending the merger agreement.

Background of the Merger

Over the course of the prior two years, and following discussions regarding long-term strategies, performance, prospects and strategic alternatives in the
context of the national and local economic environment, regulatory burdens and the competitive landscape, the ESSA Board of Directors has considered and reviewed potential merger opportunities with strategic partners as a means of delivering value
to shareholders. In that regard, the ESSA Board of Directors established a mergers and