|By Marketwired .||
|April 4, 2014 04:30 PM EDT||
STROUDSBURG, PA and WILKES-BARRE, PA -- (Marketwired) -- 04/04/14 -- ESSA Bancorp, Inc. (NASDAQ: ESSA) ("ESSA Bancorp"), the holding company for ESSA Bank & Trust, today announced it has completed the acquisition of Franklin Security Bancorp, Inc. ("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. The merger is expected to be immediately accretive to ESSA Bancorp's earnings upon closing. Franklin Security Bank's locations serving Scranton and Wilkes-Barre, Pennsylvania will immediately begin operating as ESSA Bank & Trust. Franklin Security Bank had assets of approximately $219.5 million at closing, with total loans of approximately $155.5 million and total deposits of approximately $163.1 million.
ESSA Bank & Trust, with assets of more than $1.5 billion following the acquisition, provides a full range of retail and commercial financial services, and financial advisory and wealth management capabilities to the northeast Pennsylvania region through 27 community offices.
Gary S. Olson, President and CEO of ESSA Bank & Trust, commented: "This acquisition provides a platform for ESSA Bank & Trust to expand its presence northward to an adjacent regional market. Franklin's capabilities in commercial banking, government lending, and indirect auto lending businesses will provide added diversity to ESSA's loan portfolio and add to our core deposits.
"The acquisition offers the opportunity to expand our Bank's consumer and mortgage banking operations into Franklin Security Bank's markets. We anticipate a smooth and seamless experience for customers and employees, and a coordinated systems and back office transition." Richard F. Mebane, President and CEO of Franklin Security Bank, will serve as ESSA Bank & Trust's Wilkes-Barre/Scranton/Regional Market President.
RP Financial, LC served as financial advisor to ESSA Bancorp and Luse Gorman Pomerenk & Schick, P.C. served as legal counsel to ESSA Bancorp. Ambassador Financial Group served as financial advisor to FSB, Boenning & Scattergood provided a fairness opinion to FSB and Silver, Freedman, Taff & Tiernan, LLP served as legal counsel to FSB.
ESSA Bank & Trust, a wholly-owned subsidiary of ESSA Bancorp, Inc., has total assets of more than $1.5 billion and is the leading service-oriented financial institution headquartered in Stroudsburg, Pennsylvania. ESSA Bank & Trust maintains its corporate headquarters in downtown Stroudsburg, Pennsylvania and has 27 community offices throughout the Greater Pocono, Lehigh Valley, Scranton and Wilkes-Barre markets 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 Select Market(SM) under the symbol "ESSA."
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. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition to those risk factors listed in ESSA Bancorp's Annual Report on Form 10-K, the following factors could cause the actual results of ESSA Bancorp's operations to differ materially from ESSA Bancorp's expectations: difficulties related to the integration of the businesses following the merger; and the failure to retain Franklin Security customers or to expand the customer base following the merger . ESSA Bancorp does not assume any duty to update forward-looking statements.
Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date made. Readers are advised that the factors listed above could affect our financial performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline 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.
[video] Logging and Monitoring with @Sematext Founder @OtisG | @DevOpsSummit #DevOps #Logging #Monitoring
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 29, 2015 11:45 PM EDT Reads: 1,022
Modern DevOps Tool Kit By @Logentries and @NewRelic | @DevOpsSummit #DevOps #Containers #Microservices
Auto-scaling environments, micro-service architectures and globally-distributed teams are just three common examples of why organizations today need automation and interoperability more than ever. But is interoperability something we simply start doing, or does it require a reexamination of our processes? And can we really improve our processes without first making interoperability a requirement for how we choose our tools?
Jul. 29, 2015 07:15 PM EDT Reads: 309
Where the Network Got Invited to the Party By @LMacVittie | @DevOpsSummit #DevOps #Docker #Containers #Microservices
At DevOps Summit NY there’s been a whole lot of talk about not just DevOps, but containers, IoT, and microservices. Sessions focused not just on the cultural shift needed to grow at scale with a DevOps approach, but also made sure to include the network ”plumbing” needed to ensure success as applications decompose into the microservice architectures enabling rapid growth and support for the Internet of (Every)Things.
Jul. 29, 2015 06:15 PM EDT Reads: 1,746
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at @DevOpsSummit, Haseeb Budhani, CEO and Co-founder of Soha, shared five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the friction an...
Jul. 29, 2015 04:30 PM EDT Reads: 499
Take the Long View with Digital Transformation By @IoT2040 | @ThingsExpo #IoT #M2M #API #Microservices #InternetOfThings
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Jul. 29, 2015 04:00 PM EDT Reads: 1,070
This week, I joined SOASTA as Senior Vice President of Performance Analytics. Given my background in cloud computing and distributed systems operations — you may have read my blogs on CNET or GigaOm — this may surprise you, but I want to explain why this is the perfect time to take on this opportunity with this team. In fact, that’s probably the best way to break this down. To explain why I’d leave the world of infrastructure and code for the world of data and analytics, let’s explore the timing...
Jul. 29, 2015 03:45 PM EDT Reads: 354
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Jul. 29, 2015 03:00 PM EDT Reads: 466
You often hear the two titles of "DevOps" and "Immutable Infrastructure" used independently. In his session at DevOps Summit, John Willis, Technical Evangelist for Docker, covered the union between the two topics and why this is important. He provided an overview of Immutable Infrastructure then showed how an Immutable Continuous Delivery pipeline can be applied as a best practice for "DevOps." He ended the session with some interesting case study examples.
Jul. 29, 2015 02:15 PM EDT Reads: 145
Jul. 29, 2015 02:00 PM EDT Reads: 281
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
Jul. 29, 2015 02:00 PM EDT Reads: 1,170
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Jul. 29, 2015 01:45 PM EDT Reads: 425
[video] Infrastructure as a Toolbox By @SoftLayer at @CloudExpo New York | #IoT #API #Containers #Microservices
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, broke down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them to d...
Jul. 29, 2015 01:00 PM EDT Reads: 1,949
Puppet Labs has published their annual State of DevOps report and it is loaded with interesting information as always. Last year’s report brought home the point that DevOps was becoming widely accepted in the enterprise. This year’s report further validates that point and provides us with some interesting insights from surveying a wide variety of companies in different phases of their DevOps journey.
Jul. 29, 2015 01:00 PM EDT Reads: 169
[session] The Container New World By @KeGilpin | @DevOpsSummit #DevOps #Docker #Containers #Microservices
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
Jul. 29, 2015 01:00 PM EDT Reads: 1,061
Microservices Total Cost of Ownership: Too Soon? By @Aruna13 | @DevOpsSummit #DevOps #Docker #Containers #Microservices
Microservices are hot. And for good reason. To compete in today’s fast-moving application economy, it makes sense to break large, monolithic applications down into discrete functional units. Such an approach makes it easier to update and add functionalities (text-messaging a customer, calculating sales tax for a specific geography, etc.) and get those updates / adds into production fast. In fact, some would argue that microservices are a prerequisite for true continuous delivery. But is it too...
Jul. 29, 2015 01:00 PM EDT Reads: 670
Summer is finally here and it’s time for a DevOps summer vacation. From San Francisco to New York City, our top summer conferences list is going to continuously deliver you to the summer destinations of your dreams. These DevOps parties are hitting all the hottest summer trends with Microservices, Agile, Continuous Delivery, DevSecOps, and even Continuous Testing. Move over Kanye. These are the top 5 Summer DevOps Conferences of 2015.
Jul. 29, 2015 01:00 PM EDT Reads: 666
What we really mean to ask is whether microservices architecture is SOA done right. But then, of course, we’d have to figure out what microservices architecture was. And if you think defining SOA is difficult, pinning down microservices architecture is unquestionably frying pan into fire time. Given my years at ZapThink, fighting to help architects understand what Service-Oriented Architecture really was and how to get it right, it’s no surprise that many people ask me this question.
Jul. 29, 2015 10:30 AM EDT Reads: 377
One of the ways to increase scalability of services – and applications – is to go “stateless.” The reasons for this are many, but in general by eliminating the mapping between a single client and a single app or service instance you eliminate the need for resources to manage state in the app (overhead) and improve the distributability (I can make up words if I want) of requests across a pool of instances. The latter occurs because sessions don’t need to hang out and consume resources that could ...
Jul. 29, 2015 10:15 AM EDT Reads: 156
[video] An Interview with @ProfitBricksUSA CEO @AchimWeiss | @CloudExpo #DevOps #Docker #Containers #Microservices
"ProfitBricks was founded in 2010 and we are the painless cloud - and we are also the Infrastructure as a Service 2.0 company," noted Achim Weiss, Chief Executive Officer and Co-Founder of ProfitBricks, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 29, 2015 10:15 AM EDT Reads: 1,110
Approved this February by the Internet Engineering Task Force (IETF), HTTP/2 is the first major update to HTTP since 1999, when HTTP/1.1 was standardized. Designed with performance in mind, one of the biggest goals of HTTP/2 implementation is to decrease latency while maintaining a high-level compatibility with HTTP/1.1. Though not all testing activities will be impacted by the new protocol, it's important for testers to be aware of any changes moving forward.
Jul. 29, 2015 08:00 AM EDT Reads: 146