Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 143

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 143
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A and CNB, again based on an all stock merger transaction with a deal price of $21.00 per share of ESSA common stock, which translated into an updated exchange ratio of 0.902
shares of CNB common stock for each share of ESSA common stock based on the market price of CNB common stock at the time.

On September 23, 2024,
Mr. Olson and ESSA directors Messrs. Selig, Henning and Hosbach met with Mr. Peduzzi, CNB Chairperson Jeffrey Powell and CNB director Nicholas Scott. The participants discussed their respective company’s corporate culture, operations
and strategic priorities, as well as the regulatory and business environment in banking. At the conclusion of the meeting, Messrs. Powell and Peduzzi indicated that they would propose to the CNB Board of Directors at the next regularly scheduled
meeting of the CNB Board of Directors that CNB provide ESSA with a non-binding indication of interest for a strategic merger of the two companies.

At a
regularly scheduled meeting of the ESSA Board of Directors on September 24, 2024, the ESSA directors who participated in the meeting with CNB reported on their discussion to the ESSA Board of Directors and indicated their general favorable
impression of CNB and its operations. The ESSA Board of Directors was informed that CNB was considering providing ESSA with a non-binding indication of interest for a strategic merger transaction.

On October 15, 2024, at an executive session following a regularly scheduled meeting of the CNB Board of Directors, the CNB Board of Directors received a
positive report from Messrs. Powell, Scott, and Peduzzi regarding discussion held with ESSA’s Chief Executive Officer, Chairperson, and board members on September 23, 2024. Representatives from Stephens then provided an updated model
outlining the proposed transaction and a representative from Hogan Lovells US LLP (“Hogan Lovells”) reviewed a draft letter of intent with the CNB Board of Directors, addressing the various topics concerning CNB’s proposed
acquisition. The CNB Board of Directors authorized Mr. Peduzzi to deliver the letter to ESSA.

On October 16, 2024, CNB submitted a non-binding
indication of interest for an all stock merger transaction with ESSA. CNB proposed an exchange ratio of 0.8547 shares of CNB common stock for each share of ESS