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.