Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 156

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 156
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 issuance proposal. Accordingly, the CNB Board of Directors unanimously recommends that CNB shareholders vote “FOR” the CNB share issuance proposal and “FOR” the CNB adjournment proposal.In reaching its decision to approve and adopt the merger agreement and the transactions contemplated thereby, including the merger and the issuance of CNB common stock in connection with the merger, and to recommend that CNB’s shareholders approve the CNB share issuance proposal and the CNB adjournment proposal, the CNB Board of Directors evaluated the merger agreement, the merger and the other transactions contemplated by the merger agreement in consultation with CNB’s management, as well as with CNB’s legal and financial advisors, and considered a number of factors, including the following:•information concerning the business, operations, financial condition, earnings and prospects of each of CNB and ESSA as separate entities and on a combined basis, including that the transaction is estimated to be approximately 35% accretive from an earnings per share perspective for the pro forma company in the first full year after completion;•the merger will expand and enhance CNB’s existing geographic footprint and has the potential to accelerate growth in the greater Lehigh Valley and Scranton/Wilkes-Barre markets, while continuing to leverage CNB’s infrastructure capabilities;116
| • |     | the opportunity to further diversify CNB’s customer base as a whole, by expanding the size and breadth of its footprint through the merger and to do so in a market that has retail and business opportunities that are consistent with prior, successful market expansions; |

| • |     | the compatibility of the cultures of CNB and ESSA, particularly with respect to satisfying local banking needs while strengthening local communities through an engaged team; |

| • |     | the agreement by Mr. Olson to serve as strategic advisor to CNB’s Chief Executive Officer and ESSA’s agreement, upon the closing of the merger, for CNB and CNB Bank to appoint Messrs. Olson, Selig and Henning, to their respective boards of directors, which is expected to provide a degree of continuity and involvement by the ESSA Board of Directors following the merger and enhance the likelihood that the strategic benefits that CNB expects to achieve as a result of the merger will be realized; |

| • |     | the anticipated operating efficiencies, cost savings, new branding and opportunities for revenue enhancements of the combined company following the completion of the merger, and the likelihood that they would be achieved after the merger; |

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