Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 179

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 179
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 decision by ESSA to engage in the merger. No limitations were imposed by ESSA on the scope of PNC FIG Advisory’s investigation or on the procedures followed by PNC FIG Advisory in rendering its opinion. In rendering the opinion, PNC FIG Advisory:

| • |     | Reviewed other publicly available information regarding ESSA and CNB, including research analysts’ estimates for CNB discussed with PNC FIG Advisory by the management of CNB; |

| • |     | Reviewed certain non-public information provided to PNC FIG Advisory by or on behalf of ESSA and CNB, regarding ESSA and CNB (including financial projections and forecasts for ESSA provided to PNC FIG Advisory by the management of ESSA and long-term growth rate and other assumptions for CNB provided to PNC FIG Advisory by the management of CNB) and projected cost savings anticipated by the management of CNB to be realized from the merger; |

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| • |     | Reviewed recently reported stock prices and trading activity of ESSA common stock and CNB common stock; |

| • |     | Discussed the past and current operations, financial condition and future prospects of ESSA and CNB with senior executives of ESSA and CNB, respectively; |

| • |     | Reviewed and analyzed certain publicly available financial and stock market data of banking companies that PNC FIG Advisory selected as relevant to its analysis of ESSA and CNB; |

| • |     | Reviewed and analyzed certain publicly available financial data of transactions that PNC FIG Advisory selected as relevant to its analysis of ESSA; |

| • |     | Considered CNB’s financial and capital position and certain potential pro forma financial effects of the merger on CNB; |

| • |     | Conducted other analyses and reviewed other information PNC FIG Advisory considered necessary or appropriate; and |

| • |     | Incorporated PNC FIG Advisory’s assessment of the overall economic environment and market conditions, as well as PNC FIG Advisory’s experience in mergers and acquisitions, bank stock valuations and other transactions. |

In rendering its opinion, PNC FIG Advisory also relied upon and assumed, without independent verification, the accuracy, reasonableness and completeness of the information provided to PNC FIG Advisory by or on behalf of ESSA and CNB and publicly available information used in PNC FIG Advisory’s analyses. PNC FIG Advisory did not assume any responsibility for the accuracy, reasonableness and completeness of any of