ESSA Bancorp Acquires a Monroe County, PA. Branch Facility, Deposits and Loans
24 Janvier 2014 - 11:00PM
Marketwired
ESSA Bancorp Acquires a Monroe County, PA. Branch Facility,
Deposits and Loans
STROUDSBURG, PA--(Marketwired - Jan 24, 2014) - ESSA Bancorp,
Inc. (NASDAQ: ESSA), the holding company for ESSA Bank & Trust,
a $1.36 billion asset institution providing a full range of retail,
commercial financial services, and financial advisory and asset
management capabilities, today announced that ESSA Bank & Trust
completed its acquisition of a branch facility and customer
deposits and loans from First National Community Bank (FNCB), the
subsidiary of First National Community Bancorp, Inc.
ESSA Bank & Trust purchased the deposits, loans, and a
branch facility located in Marshalls Creek, PA. Customer deposits
and loans from FNCB's Stroudsburg office have been transferred to
ESSA's Stroudsburg branch. ESSA Bank & Trust consolidated
two of its branches located in Bushkill, PA and Marshalls Creek
into the new facility located at 5120 Milford Road. The new
Marshalls Creek branch will open for business as part of the ESSA
branch network on Monday, January 27, 2014. The new branch
will have combined deposits totaling more than $40 million.
Gary S. Olson, ESSA's President and CEO, commented: "This
acquisition has added to our retail deposit base in Monroe County,
where we have the leading market share of retail deposits. The
new Marshalls Creek branch is conveniently located, highly visible
and attractive, and we anticipate ESSA will also improve efficiency
through the consolidation of our two locations."
About The Company
ESSA Bank & Trust, a wholly-owned subsidiary of ESSA
Bancorp, Inc., has total assets of over $1.3 billion and is the
leading service-oriented financial institution headquartered in
Stroudsburg, Pennsylvania. The Bank maintains its corporate
headquarters in downtown Stroudsburg, Pennsylvania and following
this transaction has 25 community offices throughout the Greater
Pocono and Lehigh Valley areas in Pennsylvania. In addition to
being one of the region's largest mortgage lenders, ESSA Bank &
Trust offers a full range of retail, commercial financial services,
and financial advisory and asset management capabilities. ESSA
Bancorp, Inc. stock trades on The NASDAQ Global Market(SM) under
the symbol "ESSA."
Forward-Looking Statements
Certain statements contained herein are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements may be identified by reference to a
future period or periods, or by the use of forward-looking
terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms.
Forward-looking statements are subject to numerous risks and
uncertainties, including, but not limited to, those related to the
economic environment, particularly in the market areas in which the
Company operates, competitive products and pricing, fiscal and
monetary policies of the U.S. Government, changes in government
regulations affecting financial institutions, including compliance
costs and capital requirements, changes in prevailing interest
rates, acquisitions and the integration of acquired businesses,
credit risk management, asset-liability management, the financial
and securities markets and the availability of and costs associated
with sources of liquidity.
The Company wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. The Company wishes to advise readers that the
factors listed above could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current statements.
The Company does not undertake and specifically declines any
obligation to publicly release the result of any revisions, that
may be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
ESSA Bancorp (NASDAQ:ESSA)
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