Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 151

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 151
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 Piper Sandler delivered to the CNB Board of Directors its oral opinion, which was subsequently confirmed in writing on January 9, 2025, to the effect that, as of such date, the merger consideration was fair to CNB from a financial point of view. The full text of Piper Sandler’s opinion is attached as Annex Bto this joint proxy statement/prospectus. The opinion outlines the procedures followed, assumptions made, matters considered and qualifications and limitations on the review undertaken by Piper Sandler in rendering its opinion. The description of the opinion set forth below is qualified in its entirety by reference to the full text of the opinion. Holders of CNB common stock are urged to read the entire opinion carefully in connection with their consideration of the proposed merger. 118

Piper Sandler’s opinion was directed to the CNB Board of Directors in connection with its consideration of the merger and the merger agreement and does not constitute a recommendation to any shareholder of CNB as to how any such shareholder should vote at any meeting of shareholders called to consider and vote upon the approval of the merger and the merger agreement or the issuance of CNB common stock in connection with the merger. Piper Sandler’s opinion was directed only to the fairness, from a financial point of view, of the merger consideration to CNB and did not address the underlying business decision of CNB to engage in the merger, the form or structure of the merger or any other transactions contemplated in the merger agreement, the relative merits of the merger as compared to any other alternative transactions or business strategies that might exist for CNB or the effect of any other transaction in which CNB might engage. Piper Sandler also did not express any opinion as to the fairness of the amount or nature of the compensation to be received in the merger by any officer, director or employee of CNB or ESSA, or any class of such persons, if any, relative to the compensation to be received in the merger by any other shareholder. Piper Sandler’s opinion was approved by Piper Sandler’s fairness opinion committee. In connection with its opinion, Piper Sandler reviewed and considered, among other things:

| • |     | an execution copy of the merger agreement; |

| • |     | certain publicly available financial statements and other historical financial information of CNB that Piper 
 Sandler deemed relevant;                                                                                     |

| • |     | certain publicly available financial statements and other historical financial information of ESSA that Piper 
 Sandler deemed relevant;                                                                                      |

| • |