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Essa Bancorp Inc And Franklin Security Bancorp Announce Signing Of Merger Agreement

Monday, 18 Nov 2013 09:35am EST 

ESSA Bancorp, Inc (ESSA Bancorp), the holding company for ESSA Bank & Trust, and Franklin Security Bancorp, Inc. announced that they have executed a definitive agreement whereby ESSA Bancorp will acquire FSB and its wholly owned subsidiary, Franklin Security Bank, through an all cash transaction. Under the terms of the merger agreement, stockholders of FSB will receive $9.75 per share or an aggregate of approximately $15.7 million. Pending the satisfaction of customary closing conditions, including the receipt of all regulatory approvals and the approval of stockholders of FSB, the transaction is expected to close in the second quarter of 2014. The merger is expected to be immediately accretive to ESSA Bancorp's earnings upon closing. 

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