ACNB Completes Traditions Bancorp Acquisition
Deal News | Feb 04, 2025 | EIN
ACNB Corporation, the parent company of ACNB Bank, has successfully completed the acquisition of Traditions Bancorp and integrated its subsidiary, Traditions Bank, into ACNB Bank. With this merger, ACNB Corporation's assets increased to approximately $3.26 billion, deposits to $2.04 billion, and loans to $2.36 billion. This strategic acquisition expands ACNB's footprint, now operating 35 community banking offices across south-central Pennsylvania and northern Maryland. The former Traditions Bank branches continue to operate under the name 'Traditions Bank, A Division of ACNB Bank.' Traditions stockholders received 0.7300 shares of ACNB Corporation common stock for each share held, with fractional shares paid in cash. Additionally, three former directors of Traditions, Eugene Draganosky, Elizabeth Carson, and John Polli, joined the boards of ACNB Corporation and ACNB Bank. ACNB CEO James Helt highlighted the strategic nature of the merger, emphasizing the unification of teams and the expansion of products and services for customers.
Sectors
- Banking and Finance
- Mergers and Acquisitions
Geography
- United States – The companies involved in the transaction are based in the United States, and the geographic focus of the resulting community banks is in Pennsylvania and Maryland.
Industry
- Banking and Finance – The article discusses the acquisition of a bank holding company and involves changes in financial assets, loans, deposits, and stock holdings, which are prime elements of the banking and finance industry.
- Mergers and Acquisitions – The article details the completion of a merger between ACNB Corporation and Traditions Bancorp, making it relevant to the M&A industry.
Financials
- 3.26bn – The total assets of ACNB Corporation post-acquisition.
- 2.04bn – The total deposits of ACNB Corporation post-acquisition.
- 2.36bn – The total loans of ACNB Corporation post-acquisition.
- 0.7300 shares of ACNB Corporation common stock – The exchange ratio offered to Traditions Bancorp shareholders as part of the acquisition agreement.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ACNB Corporation | Bidding Company/Buyer | Company | ACNB Corporation is the acquirer in this transaction, expanding its banking operations and footprint through the acquisition of Traditions Bancorp. |
| Traditions Bancorp | Target Company | Company | Traditions Bancorp is the target company being acquired by ACNB Corporation, including its subsidiary, Traditions Bank. |
| Eugene Draganosky | Director | Person | Former director of Traditions Bancorp who joined the board of ACNB Corporation and ACNB Bank post-acquisition. |
| Elizabeth Carson | Director | Person | Former director of Traditions Bancorp who joined the board of ACNB Corporation and ACNB Bank post-acquisition. |
| John Polli | Director | Person | Another former director of Traditions Bancorp who joined the board of ACNB Corporation and ACNB Bank post-acquisition. |
| James Helt | CEO | Person | President and CEO of ACNB Corporation, overseeing the acquisition and integration of Traditions Bancorp. |