Fox Team Represents Eagle National Bank in its $24 Million Acquisition by ESSA BancorpDecember 4, 2015 – Press Releases
Fox Rothschild LLP is pleased to announce that Michael G. Menkowitz, Nevena Simidjiyska, Mark G. McCreary and Bradley S. Rodos represented Eagle National Bancorp, Inc. (ENB) and its wholly owned subsidiary, Eagle National Bank, in its acquisition by ESSA Bancorp, Inc. (ESSA Bancorp) (NASDAQ Global Select Market SM: ESSA). The deal closed on December 4, 2015, through an all-cash transaction. Fox Partner Paul B. Edelberg assisted the team on banking matters for this deal.
Under the terms of the merger agreement, stockholders of ENB will receive $5.80 per share or an aggregate of approximately $24.7 million. The merger is expected to be immediately accretive to ESSA Bancorp’s earnings, excluding transaction related expenses.
Eagle National Bank, which operated five full-service banking facilities in Chester and Delaware counties spanning the western suburbs of Philadelphia, has been merged with and into ESSA Bancorp’s wholly-owned subsidiary, ESSA Bank & Trust. As of September 30, 2015, Eagle National Bank reported assets of $185.0 million, total loans of $127.5 million, and total deposits of $157.5 million. ESSA Bank & Trust is a $1.8 billion asset institution following the acquisition and provides a full range of commercial and retail banking products, insurance, investment, and trust services from 30 locations in eastern Pennsylvania.
Gary O. Olson, President and CEO of ESSA Bancorp commented, “We are excited to welcome Eagle National Bank’s customers and employees to ESSA Bank . We believe Eagle National Bank’s customers will quickly gain confidence in our capabilities and benefit from our expanded suite of products and services. This acquisition increases our commercial presence and creates a tremendous opportunity for us in the suburban Philadelphia market.”
Menkowitz is immediate past chair of the firm’s Financial Restructuring & Bankruptcy Department and current Philadelphia office managing partner. He has represented secured and unsecured creditors, creditors’ committees, trustees and debtors in a multitude of workout and bankruptcy matters, including complex chapter 7 and 11 cases. He is experienced in a variety of industries including health care, retail, manufacturing, financial services, automotive and others.
Simidjiyska, a partner with the firm, advises middle-market public and private companies in a variety of transactional and corporate finance matters, including mergers and acquisitions and lending and secured transactions. She also provides general corporate counsel services to startup and emerging growth companies from formation through all stages of growth, including entity formation, financing, commercial transactions and exit strategies.
McCreary is Fox’s chief privacy officer. He focuses a segment of his practice on the privacy concerns in corporate and mergers and acquisitions law, including the drafting of confidentiality policies, employment agreements and non-competition agreements; analyzing the exposure of prospects in potential acquisitions; and providing advice on venture capital offerings and securities filings.
Rodos, a partner with the firm, focuses his practice on general corporate representation of publicly held and private businesses, mergers and acquisitions, securities, regulatory law, venture capital and lending and secured transactions.