ESSA Bancorp, Inc. and First Star Bancorp, Inc. Announce Execution of Merger Agreement

STROUDSBURG, Pa.--(BUSINESS WIRE)--ESSA Bancorp, Inc. (NASDAQ Global MarketSM “ESSA”), the parent company of ESSA Bank & Trust, and First Star Bancorp, Inc., (Pinksheets: FSSB), the parent company of First Star Bank today jointly announced the execution of a definitive merger agreement for ESSA Bancorp to acquire First Star for approximately $24.2 million, or approximately $11.20 per share, based on ESSA Bancorp’s closing price of $10.50 per share on December 21, 2011. The total consideration will vary based on ESSA Bancorp, Inc.’s stock price at closing, subject to a collar, and is payable 50% in cash and 50% in stock.