Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 174

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 174
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 of ESSA’s and CNB’s common stock; |

| • |     | the historical payment of dividends by each of ESSA and CNB; |

| • |     | the strategic fit of the business lines and the operating philosophies of the two institutions; |

| • |     | that the companies’ separate market areas, earnings and prospects create the opportunity for the combined company to leverage complementary revenue streams and cost savings and to have superior future earnings and prospects compared to ESSA’s earnings and prospects on a stand-alone basis; |

| • |     | the composition of the loan portfolio and the commercial real estate concentration ratio of the combined company; |

| • |     | the anticipated financial impact of the transaction on the combined company, including the expected impact on key financial metrics (including tangible book value per share, return on average assets, return on average tangible common equity, and efficiency ratio), regulatory capital ratios, earnings per share accretion, cost savings, and increase in pro forma capital base; |

| • |     | the compatibility of the corporate cultures and leadership philosophies of ESSA and CNB; |

| • |     | the overall strength, experience and leadership of the management team of the combined company; |

| • |     | the current and prospective environment in the financial services industry in which ESSA operates, including national and local economic conditions, the interest rate environment and various fluctuations in interest rates, the regulatory environment, increased operating costs resulting from regulatory and compliance mandates, increasing competition from both banks and non-bank financial and financial technology firms, current financial market conditions and the likely effects of these factors on ESSA’s and the combined company’s potential growth, development, productivity and strategic options, and the execution risks of attempting to address the foregoing considerations as a standalone entity; |

| • |     | its views with respect to the strategic alternatives potentially available to ESSA, including continuing as a standalone company focusing exclusively on organic growth, pursuing other acquisitions or business combinations, and other transactions involving the sale of ESSA; |

| • |     | the fact that 100% of the merger consideration will be in CNB common stock, which offers ESSA’s shareholders the opportunity to participate as shareholders of CNB in the future earnings and performance of the combined company; |

| • |     | the fact that the exchange ratio is fixed, which the ESSA Board of Directors believed was consistent with market practice for transactions of this type and with the strategic purpose of