Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 157

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 157
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 |     | the fact that the merger is expected to provide an increase in shareholder value, in terms of a potentially significant increase in earnings and earnings per share of common stock, that will further strengthen CNB’s strategic position; |

| • |     | the fact that the merger of CNB and ESSA will create a combined company with a potentially significantly higher market capitalization, thus increasing the liquidity of CNB’s common stock and providing CNB’s shareholders with increased opportunities to trade on its common stock; |

| • |     | the structure of the merger and the financial and other terms of the merger agreement, including the fixed exchange ratio; |

| • |     | the deal protection provided by the terms of the merger agreement and the termination fee of $8.8 million to CNB under certain circumstances; |

| • |     | the intended tax treatment of the merger as a tax-free reorganization; and |

| • |     | the likelihood of receiving all of the regulatory approvals and/or waivers required for the merger. |

The CNB Board of Directors also considered potential risks relating to the merger, including the following:

| • |     | the regulatory and other approvals and/or waivers required in connection with the merger and the expectation that such regulatory approvals and/or waivers will be received in a timely manner and without the imposition of unacceptable conditions; |

| • |     | the potential for diversion of management and employee attention, and for employee attrition, during the period prior to the completion of the merger and the potential effect on CNB’s business and relations with customers, service providers and other stakeholders, whether or not the merger is completed; |

| • |     | expected benefits and synergies sought in the merger, including cost savings and CNB’s ability to market successfully its financial products to ESSA’s customers, may not be realized or may not be realized within the expected time period; |

| • |     | potential risks associated with significant negative trends in the economic and regulatory environments that could pose additional challenges to CNB’s achievement of the expected financial benefits of the merger; |

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| • |     | due to the fixed exchange ratio, the market value of the merger consideration—and in turn the purchase price paid by CNB to acquire ESSA—could increase prior to the effective time if the trading price of CNB common stock increases; |

| • |     | the challenges of integrating the businesses, operations and employees of ESSA and CNB; and |

| • |     | the other