ESSA Bancorp, Inc. (the “Company”) (NASDAQ Global Market SM “ESSA”), the holding company for ESSA Bank & Trust (the “Bank”), announced the completion of its second stock repurchase program, purchasing 1,499,100 shares at a weighted average cost of $12.36.
ESSA Bancorp, Inc. also announced today that its Board of Directors has authorized a third stock repurchase program to purchase up to an additional 5% of its outstanding shares. The Company will repurchase the shares from time to time for cash in open market transactions or in privately negotiated transactions in accordance with applicable federal securities laws.
“We remain committed to capital management strategies that we feel will enhance stockholder value. Therefore, we are very pleased to announce this third stock repurchase program by our company,” said Gary S. Olson, ESSA Bancorp’s President and CEO.
ESSA Bank & Trust, a wholly-owned subsidiary of ESSA Bancorp, Inc., has total assets of over $1 billion and is the leading service-oriented financial institution headquartered in the greater Pocono, Pennsylvania region. Corporate headquarters are located in downtown Stroudsburg, Pennsylvania, and the Bank has 17 community offices throughout the Greater Pocono and Lehigh Valley areas in Pennsylvania. In addition to being one of the region’s largest mortgage lenders, ESSA Bank & Trust offers a full range of retail, investment, trust, and commercial financial services. ESSA Bancorp, Inc. stock trades on The NASDAQ Global Market SM under the symbol “ESSA.”Forward-Looking Statements 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. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.