Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 167

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 167
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 with market 
 practice for transactions of this type and with the strategic purpose of the transaction;                        |

| • |     | that ESSA shareholders would own approximately 29% of the combined company’s common stock; |

| • |     | that three members of the ESSA Board of Directors, Messrs. Olson, Selig and Henning, would join the Board of 
 Directors of the combined company;                                                                           |

| • |     | the fact that the combined company would continue to be publicly held following the merger and would continue to                                                                                                                           
 be traded on NASDAQ, providing the combined company’s shareholders with continued access to a public trading market, and that shareholders would be expected to have increased liquidity for their shares as a result of the higher market 
 capitalization of the combined company, the significantly expanded shareholder base and the potential increase in interest from institutional investors and securities analysts;                                                           |

| • |     | the belief that, while no assurances could be given, the business and financial advantages contemplated in                                                                                                                                     
 connection with the merger were likely to be achieved within a reasonable time frame, particularly in light of the fact that CNB has merger integration experience due to successfully completed acquisitions and data processing conversions; |

130

| • |     | the expectation that the transaction will be generally tax-free for 
 United States federal income tax purposes to ESSA’s shareholders;   |

| • |     | the fact that the implied value of the merger consideration of $21.10 per share of ESSA common stock, based on 
 the ten-day volume weighted average stock price of $24.69 for CNB common stock as of January 8, 2025;          |

| • |     | the fact that ESSA’s shareholders will have the opportunity to vote to approve the merger agreement and 
 transactions contemplated thereby;                                                                      |

| • |     | its review with its legal advisors of the terms of the merger agreement, including the representations, 
 covenants, conditions and deal protection and termination provisions;                                   |

| • |     | the right of the ESSA Board of Directors under the merger agreement to withdraw or modify its recommendation to 
 ESSA shareholders that they approve the merger proposal under certain circumstances; and                        |

| • |     | the right of ESSA to terminate the merger agreement under certain circumstances, as more fully described under 
 the section entitled “The Merger Agreement—Termination” beginning on page 170.                                 |

The ESSA Board of Directors also considered