July 28, 2015

On July 28, 2015, ESSA Bancorp, Inc. (“ESSA Bancorp”), Stroudsburg, Pennsylvania, entered into an agreement to acquire Eagle National Bancorp, Inc. (“EN Bancorp”), Upper Darby, Pennsylvania, for approximately $25.3 million.  Upon completion of the merger, Eagle National Bank, the subsidiary of EN Bancorp, will merge into ESSA Bank & Trust, the subsidiary of ESSA Bancorp.  Under the terms of the merger agreement, EN Bancorp shareholders will receive a cash payment equal to $5.80 per share of common stock.

Luse Gorman represented ESSA Bancorp in the transaction.  The Luse Gorman team was led by John Gorman and Marc Levy (Corporate/M&A) and Jeff Cardone and Norma Sharara (Executive Compensation), and included Zachary Davis (Corporate/M&A).

ESSA Bancorp has approximately $1.58 billion in total assets and operates 27 full-service offices throughout the Greater Pocono, Lehigh Valley and Scranton/Wilkes-Barre areas in Pennsylvania.

EN Bancorp has approximately $175.7 million in total assets and operates 5 full-service offices located in Montgomery, Chester and Delaware Counties, Pennsylvania.