ACNB Corporation Receives Shareholder Approval for Acquisition of Traditions Bancorp, Inc.

ACNB Corporation and Traditions Bancorp shareholders approve merger, with closing expected on February 1, 2025.

Quiver AI Summary

ACNB Corporation has announced that both ACNB and Traditions Bancorp shareholders approved ACNB's acquisition of Traditions, confirming share issuance as part of the deal. At special meetings held on December 18, 2024, ACNB shareholders endorsed the Agreement and Plan of Reorganization, while Traditions shareholders overwhelmingly supported the merger, with 99.5% approval from those voting. The acquisition, aimed at enhancing innovation and customer value, is set to close on February 1, 2025, pending customary closing conditions. Leaders from both companies expressed optimism about the strategic partnership's potential to strengthen their community banking presence.

Potential Positives

• Shareholder approval from both ACNB and Traditions for the acquisition signals strong confidence and support from stakeholders, which can enhance the company's reputation.
• The acquisition is anticipated to provide strategic advantages, allowing ACNB to leverage combined strengths, innovate, and increase value for customers and shareholders.
• The completion of the merger is expected to close on February 1, 2025, which indicates a clear timeline for the implementation of this strategic move.
• This acquisition positions ACNB Corporation as a more robust player in the community banking space, potentially leading to further growth and improved market competitiveness.

Potential Negatives

• Potential disruptions to customer and employee relationships and business operations could arise from the merger, which may negatively affect overall performance during the integration period.
• The integration of the two banks may be more difficult, time-consuming, or costly than expected, which could impact anticipated synergies and cost savings.
• Forward-looking statements indicate various risks and uncertainties that could cause actual results to differ materially from expectations, potentially affecting investor confidence.

FAQ

What recent approval was announced regarding ACNB Corporation and Traditions Bancorp?

ACNB Corporation received shareholder approvals for its proposed acquisition of Traditions Bancorp, allowing stock issuance to Traditions shareholders.

When will the acquisition between ACNB and Traditions take effect?

The acquisition is expected to close with an effective date of February 1, 2025, subject to customary closing conditions.

What are the benefits of the ACNB and Traditions merger?

The merger aims to leverage combined strengths, enhance innovation, and deliver greater value to customers and shareholders.

Who expressed enthusiasm about the merger's approval?

James P. Helt, President and CEO of ACNB Corporation, and Eugene J. Draganosky, CEO of Traditions, both expressed excitement about the approval.

Where are ACNB and Traditions headquartered?

ACNB Corporation is headquartered in Gettysburg, PA, while Traditions Bancorp is based in York, PA.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$ACNB Insider Trading Activity

$ACNB insiders have traded $ACNB stock on the open market 6 times in the past 6 months. Of those trades, 4 have been purchases and 2 have been sales.

Here’s a breakdown of recent trading of $ACNB stock by insiders over the last 6 months:

• JAMES HELT (President & CEO) has traded it 2 times. They made 2 purchases, buying 114 shares and 0 sales.
• FRANK III ELSNER has traded it 2 times. They made 2 purchases, buying 11 shares and 0 sales.
• BRETT D FULK sold 2,897 shares.
• DANIEL W POTTS sold 500 shares.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$ACNB Hedge Fund Activity

We have seen 43 institutional investors add shares of $ACNB stock to their portfolio, and 21 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• BLACKROCK, INC. added 29,227 shares (+5.9%) to their portfolio in Q3 2024
• OSAIC HOLDINGS, INC. removed 27,194 shares (-99.6%) from their portfolio in Q3 2024
• LINCOLN NATIONAL CORP removed 26,873 shares (-100.0%) from their portfolio in Q2 2024
• KESTRA ADVISORY SERVICES, LLC added 26,502 shares (+inf%) to their portfolio in Q3 2024
• FMR LLC added 21,358 shares (+3.9%) to their portfolio in Q3 2024
• ASSENAGON ASSET MANAGEMENT S.A. added 19,102 shares (+inf%) to their portfolio in Q3 2024
• VANGUARD GROUP INC added 15,321 shares (+3.5%) to their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

GETTYSBURG, Pa., Dec. 19, 2024 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB) (“ACNB”), the parent financial holding company of ACNB Bank, a Pennsylvania state-chartered, FDIC insured community bank headquartered in Gettysburg, PA and Traditions Bancorp, Inc. (OTC Pink: TRBK) (“Traditions”) and its wholly-owned subsidiary, Traditions Bank, headquartered in York, PA are pleased to announce the receipt of each of their respective shareholder approvals for ACNB’s proposed acquisition of Traditions.

At a special meeting of shareholders held on December 18, 2024, ACNB shareholders approved the issuance of shares of ACNB common stock to Traditions shareholders as part of the acquisition pursuant to an Agreement and Plan of Reorganization dated July 23, 2024 (the “Agreement”). At a separate special meeting of shareholders held the same day, Traditions shareholders overwhelmingly approved and adopted the Agreement and the merger of Traditions with and into an acquisition subsidiary of ACNB Corporation, with the approval of 99.5% of the 85.1% of outstanding Traditions shares that were voted.

James P. Helt, President and CEO of ACNB Corporation commented, “We are thrilled to announce that our shareholders have approved our issuance of common stock for this momentous transaction, marking the beginning of an exciting new chapter for our company. This strategic acquisition will allow us to leverage our combined strengths, enhance innovation and deliver even greater value to our customers, shareholders, employees alike.”

Eugene J. Draganosky, Chair of the Board & Chief Executive Officer of Traditions commented, “Today’s approval by our shareholders underscores the confidence they have in the long-term potential of this partnership. Together, we are building a stronger, more resilient community bank poised to lead in a rapidly evolving industry. We are excited about the future and the opportunities this transaction will create.”

The acquisition and related transactions with the companies’ banking subsidiaries are expected to close with an effective date of February 1, 2025, subject to fulfilment of other customary closing conditions.

About ACNB Corporation

ACNB Corporation, headquartered in Gettysburg, PA, is the independent $2.42 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA.

About Traditions Bancorp, Inc.

Traditions Bancorp, Inc. is the holding company for Traditions Bank, a PA state-chartered community bank with its Administrative Headquarters located at 226 Pauline Drive in York, PA. As of September 30, 2024, assets stood at $859 million.

Following a strong set of Core Values, Traditions Bank is committed to providing creative solutions and personalized experiences that foster successful business and personal relationships. With six retail branches in York County, two retail branches in Lancaster County, and a loan production office in Cumberland County, plus extensive technology-based delivery channels, Traditions Bank offers exquisite customer service in the areas of Personal Banking, Commercial Banking, and Residential Mortgage Services.

Caution Regarding Forward-Looking Statements

The information presented herein may contain forward-looking statements. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the proposed merger between ACNB and Traditions, (ii) ACNB’s and Traditions’s plans, obligations, expectations and intentions, and (iii) other statements presented herein that are not historical facts. Words such as “anticipates”, “believes”, “intends”, “should”, “expects”, “will” and variations of similar expressions are intended to identify forward-looking statements. These statements are based on the beliefs of the respective managements of ACNB and Traditions as to the expected outcome of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, and degree of occurrence. Results and outcomes may differ materially from what may be expressed or forecasted in forward-looking statements. Factors that could cause results and outcomes to differ materially include, among others, the ability to obtain required Traditions and ACNB shareholder approvals and meet other closing conditions to the transaction; the ability to complete the merger as expected and within the expected timeframe; disruptions to customer and employee relationships and business operations caused by the merger; the ability to implement integration plans associated with the transaction, which integration may be more difficult, time-consuming or costly than expected; the ability to achieve the cost savings and synergies contemplated by the merger within the expected timeframe, or at all; changes in local and national economies, or market conditions; changes in interest rates; regulations and accounting principles; changes in policies or guidelines; loan demand and asset quality, including real estate values and collateral values; deposit flow; the impact of competition from traditional or new sources; and, the other factors detailed in ACNB’s publicly-filed documents, including its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, and its other filings with the SEC. The forward-looking statements only speak as of the date hereof. ACNB and Traditions assume no obligation to revise, update or clarify forward-looking statements to reflect events or conditions after the date of this press release.

ACNB #2024-19

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.