ESSA Bancorp (ESSA) in Stroudsburg, Pa., has agreed to a buy most of First National Community Bancorp's (FNCB) retail operations in Monroe County.
ESSA will acquire a First National branch in Marshalls Creek, along with unspecified amounts of deposits and loans, the companies announced Friday. The $1.4 billion-asset ESSA plans to consolidate two of its nearby branches into the Marshalls Creek facility. It estimates that the branch will have combined deposits of more than $40 million.
ESSA will also transfer the accounts from First National's Stroudsburg branch to an ESSA facility in the same city.
The financial terms of the sale were not disclosed.
First National, of Dunmore, Pa., will exit Monroe County once the deal is completed. The $929 million-asset company would have 19 remaining branches in three other Pennsylvania counties.
"The divestiture of our Monroe County branch-banking activities will provide FNCB with an immediate financial benefit, and is expected to further strengthen our capital position," First National Chief Executive Steven Tokach said in a press release. "The decision to sharpen the focus of our retail banking activities, along with investments in our infrastructure and product enhancements, will elevate our efforts to strengthen market share in our core service areas in Lackawanna, Luzerne and Wayne counties."
The deal is expected to close in the fourth quarter, pending regulatory approval.
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