ESSA Bancorp Announces Results of First Star Bancorp Cash/Stock Election

ESSA Bancorp, Inc. ESSA, the parent company of ESSA Bank & Trust, announced that the shareholders of First Star Bancorp, Inc. made elections in excess of the limit contained in the merger agreement that 50% of the outstanding shares of First Star common stock be converted to cash (based on a cash conversion rate of $11.39 per share). Consequently, First Star shareholders electing to receive cash were subject to the allocation and proration procedures and are receiving 81.1339477% of their merger consideration in cash and the remaining 18.8660523% in the form of ESSA common stock. First Star shareholders who made a valid stock election are receiving 1.0665 shares of ESSA common stock for each share of their First Star common stock. First Star shareholders who expressed no preference or who did not make a valid election are receiving 1.0665 shares of ESSA common stock for each share of First Star common stock tendered. Under the merger agreement, fractions shares of ESSA common stock will not be issued. Instead, First Star shareholders will receive cash in lieu of fractional shares based on the closing price of ESSA common stock for the thirty trading days through July 31, 2012, or $10.70.