Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 156

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 156
---
. The analyses performed by Piper Sandler are not necessarily indicative of actual values or future results, both of which may be
significantly more or less favorable than suggested by such analyses. Piper Sandler prepared its analyses solely for purposes of rendering its opinion and provided such analyses to the CNB Board of Directors at its January 9, 2025 meeting.
Estimates on the values of companies do not purport to be appraisals or necessarily reflect the prices at which companies or their securities may actually be sold. Such estimates are inherently subject to uncertainty and actual values may be
materially different. Accordingly, Piper Sandler’s analyses do not necessarily reflect the value of CNB common stock or ESSA common stock or the prices at which CNB or ESSA common stock may be sold at any time. The analyses of Piper Sandler and
its opinion were among a number of factors taken into consideration by the CNB Board of Directors in making its determination to approve the merger agreement and the analyses described below should not be viewed as determinative of the decision of
the CNB Board of Directors with respect to the fairness of the merger consideration.

Summary of Proposed Merger Consideration and Implied Transaction Metrics

Piper Sandler reviewed the financial terms of the proposed merger. Pursuant to the terms of the merger agreement, at the
effective time of the merger each share of ESSA common stock issued and outstanding immediately prior to the effective time of the transaction, except for certain shares as set forth in the merger agreement, shall be converted into the right to
receive 0.8547 shares of CNB common stock. Piper Sandler

121

calculated an aggregate implied transaction value of approximately $201.5 million and an implied purchase price per share of $20.62 consisting of the implied value of 9,776,644 shares of ESSA common stock, including 31,106 non-vestedrestricted stock awards and excluding 378,170 unearned ESSA Bank ESOP shares required to retire the outstanding ESSA Bank ESOP loan estimated at closing, and based on the closing price of CNB common stock on January 7, 2025. Based upon financial information for ESSA as of or for the last twelve months (“LTM”) ended September 30, 2024 and the closing price of ESSA’s common stock on January 7, 2025, Piper Sandler calculated the following implied transaction metrics:

| Market Premium as of January 7