Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 211

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 211
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. See the section entitled “Comparison of Shareholder Rights” beginning on page 175.

The merger agreement provides that CNB may, at any time prior to the effective time, change the method of effecting the business combination of CNB and ESSA and CNB Bank and ESSA Bank. However, no such change may (i) alter or change the merger consideration, (ii) adversely affect the tax treatment of ESSA’s shareholders pursuant to the merger agreement, (iii) adversely affect the tax treatment of CNB or ESSA in connection with the merger, or (iv) be reasonably likely to materially impede or delay consummation of the transactions contemplated by the merger agreement.

Effective Time and Timing of Closing

The merger can be completed and become effective after the following steps are completed: (i) approval of the merger by the FDIC and the PADOBS (and expiration of the related statutory waiting periods) and receipt of the Federal Reserve Bank of Philadelphia’s approval of the application waiver request (or approval of the merger by the Federal Reserve Bank of Philadelphia if the waiver request is denied), (ii) approval of the issuance of CNB common stock in connection with the merger by the CNB shareholders, (iii) approval of the merger by the shareholders of ESSA, and (iii) filing of all documents as may be required by applicable laws and regulations to consummate the merger, including a statement of merger with the Department of State of the Commonwealth of Pennsylvania. Subject to the satisfaction or waiver of all conditions to closing set forth in the merger agreement, the closing of the merger will occur as promptly as practicable after all of the conditions in the agreement have been satisfied, or if permissible, waived by the party entitled to the benefit of the same, or on such other date as CNB and ESSA may mutually agree upon.**

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CNB and ESSA anticipate that the merger will be completed in the third quarter of 2025. However, completion of the merger could be delayed if there is a delay in obtaining the required regulatory approvals or in satisfying any other conditions to the merger. There can be no assurances as to whether, or when, CNB and ESSA will obtain the required approvals or complete the merger. Boards of Directors of CNB and CNB Bank After the Merger At the effective time of the merger, each of CNB and CNB Bank will appoint Messrs. Olson, Selig and Henning