CNB Financial supplements merger proxy disclosures after shareholder demands and lawsuits

CNB FINANCIAL CORP/PA

CNB and ESSA received 10 demand letters and 2 complaints alleging incomplete merger proxy disclosures.
Companies deny allegations and liability but supplement proxy statement to avoid litigation delay.
Supplemental disclosures include updated peer group tables and additional details on financial advisor analyses.
ESSA's discounted cash flow analysis amended; CNB's DCF analysis also updated with discount rate components.
ESSA's projected net income for FY2025-2031 provided in new table; dividends assumed for seven years.

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