The acquisition is valued at around $24.7m.
As per the terms of the merger agreement, Eagle National Bancorp stockholders will receive $5.80 per share.
With $185m worth of assets, Eagle National Bank operates five full-service banking facilities in Chester and Delaware counties spanning the western suburbs of Philadelphia.
As of 30 September 2015, Eagle National Bank had total loans worth $127.5m and total deposits of $157.5m.
Under the agreed terms, Eagle National Bank’s operations have been merged into ESSA Bancorp’s wholly-owned subsidiary, ESSA Bank & Trust.
ESSA Bank & Trust provides a full range of commercial and retail banking products, insurance, investment, and trust services from 30 locations in eastern Pennsylvania.
Commenting on the acquisition, ESSA Bancorp president and CEO Gary O. Olson said: "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."
RP Financial and Ambassador Financial Group have served as financial advisors to ESSA and Eagle National Bancorp respectively.
