ESSA Bancorp , 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.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.