|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.
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Aug. 30, 2016 02:30 AM EDT Reads: 1,851
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Aug. 30, 2016 02:00 AM EDT Reads: 2,220
A company’s collection of online systems is like a delicate ecosystem – all components must integrate with and complement each other, and one single malfunction in any of them can bring the entire system to a screeching halt. That’s why, when monitoring and analyzing the health of your online systems, you need a broad arsenal of different tools for your different needs. In addition to a wide-angle lens that provides a snapshot of the overall health of your system, you must also have precise, ...
Aug. 30, 2016 01:45 AM EDT Reads: 1,691
It's been a busy time for tech's ongoing infatuation with containers. Amazon just announced EC2 Container Registry to simply container management. The new Azure container service taps into Microsoft's partnership with Docker and Mesosphere. You know when there's a standard for containers on the table there's money on the table, too. Everyone is talking containers because they reduce a ton of development-related challenges and make it much easier to move across production and testing environm...
Aug. 29, 2016 11:45 PM EDT Reads: 5,261
Aug. 29, 2016 10:45 PM EDT Reads: 4,904
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 29, 2016 10:00 PM EDT Reads: 2,487
There's a lot of things we do to improve the performance of web and mobile applications. We use caching. We use compression. We offload security (SSL and TLS) to a proxy with greater compute capacity. We apply image optimization and minification to content. We do all that because performance is king. Failure to perform can be, for many businesses, equivalent to an outage with increased abandonment rates and angry customers taking to the Internet to express their extreme displeasure.
Aug. 29, 2016 08:30 PM EDT Reads: 2,438
Monitoring of Docker environments is challenging. Why? Because each container typically runs a single process, has its own environment, utilizes virtual networks, or has various methods of managing storage. Traditional monitoring solutions take metrics from each server and applications they run. These servers and applications running on them are typically very static, with very long uptimes. Docker deployments are different: a set of containers may run many applications, all sharing the resource...
Aug. 29, 2016 08:00 PM EDT Reads: 2,100
Right off the bat, Newman advises that we should "think of microservices as a specific approach for SOA in the same way that XP or Scrum are specific approaches for Agile Software development". These analogies are very interesting because my expectation was that microservices is a pattern. So I might infer that microservices is a set of process techniques as opposed to an architectural approach. Yet in the book, Newman clearly includes some elements of concept model and architecture as well as p...
Aug. 29, 2016 07:30 PM EDT Reads: 10,892
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 29, 2016 07:00 PM EDT Reads: 1,980
This complete kit provides a proven process and customizable documents that will help you evaluate rapid application delivery platforms and select the ideal partner for building mobile and web apps for your organization.
Aug. 29, 2016 06:00 PM EDT Reads: 3,040
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Aug. 29, 2016 04:30 PM EDT Reads: 3,568
Modern organizations face great challenges as they embrace innovation and integrate new tools and services. They begin to mature and move away from the complacency of maintaining traditional technologies and systems that only solve individual, siloed problems and work “well enough.” In order to build...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 29, 2016 02:15 PM EDT Reads: 3,745
[session] Architecting for the Cloud By @RagsS | @CloudExpo @IBMBluemix #Cloud #Docker #Microservices
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 29, 2016 02:00 PM EDT Reads: 1,011
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Aug. 29, 2016 12:00 PM EDT Reads: 3,202
The following fictional case study is a composite of actual horror stories I’ve heard over the years. Unfortunately, this scenario often occurs when in-house integration teams take on the complexities of DevOps and ALM integration with an enterprise service bus (ESB) or custom integration. It is written from the perspective of an enterprise architect tasked with leading an organization’s effort to adopt Agile to become more competitive. The company has turned to Scaled Agile Framework (SAFe) as ...
Aug. 29, 2016 12:00 PM EDT Reads: 966
Let's just nip the conflation of these terms in the bud, shall we?
"MIcro" is big these days. Both microservices and microsegmentation are having and will continue to have an impact on data center architecture, but not necessarily for the same reasons. There's a growing trend in which folks - particularly those with a network background - conflate the two and use them to mean the same thing.
They are not.
One is about the application. The other, the network. T...
Aug. 29, 2016 09:30 AM EDT Reads: 4,739
If you are within a stones throw of the DevOps marketplace you have undoubtably noticed the growing trend in Microservices. Whether you have been staying up to date with the latest articles and blogs or you just read the definition for the first time, these 5 Microservices Resources You Need In Your Life will guide you through the ins and outs of Microservices in today’s world.
Aug. 29, 2016 08:30 AM EDT Reads: 5,218
This is a no-hype, pragmatic post about why I think you should consider architecting your next project the way SOA and/or microservices suggest. No matter if it’s a greenfield approach or if you’re in dire need of refactoring. Please note: considering still keeps open the option of not taking that approach. After reading this, you will have a better idea about whether building multiple small components instead of a single, large component makes sense for your project. This post assumes that you...
Aug. 29, 2016 08:15 AM EDT Reads: 5,314