Investment Banking - Franklin Security Bancorp, Inc.
Transactions | Banking
Client: Franklin Security Bancorp, Inc.
Transaction Type: Mergers & Acquisitions
Role: Fairness Opinion
- Franklin Security Bancorp, Inc. is the holding company of Franklin Security Bank, a $225 million bank with two branches located in Lackawanna and Luzerne County, Pennsylvania.
- Prior to 2007, Franklin Security Bancorp, Inc. operated as Guardian Financial Corporation until its recapitalization from its current shareholders.
- Franklin Security Bank has three primary business segments – Commercial, Government, and Indirect Lending.
- ESSA Bancorp, Inc. (NASDAQ:ESSA) is a $1.4 billion holding company for ESSA Bank & Trust with locations in Lehigh, Monroe, and Northampton County, Pennsylvania.
- Franklin Security Bancorp, Inc. shareholders will receive approximately $15.7 million in cash consideration for the transaction.
- Pro Forma for the transaction, ESSA will have $1.6 billion in assets, $1 billion in loans, and $1.2 billion in deposits as of September 30, 2013.
- Boenning rendered a fairness opinion to the Board of Directors of Franklin Security Bancorp, Inc.