ACNB Corporation Completes Acquisition of Traditions Bancorp
Deal News | Feb 04, 2025 | Globenewswire
ACNB Corporation, the parent company of ACNB Bank, finalized its acquisition of Traditions Bancorp, Inc. on February 1, 2025. Traditions Bancorp and its subsidiary, Traditions Bank, have now been integrated into ACNB Bank's operations. As a result of the merger, Traditions shareholders were compensated with shares of ACNB Corporation stock. The acquisition enhanced ACNB's assets, deposits, and loans, thereby expanding its market footprint in Pennsylvania and Maryland. Three key directors from Traditions have joined the ACNB boards, injecting expertise and local insights into the company's governance. The transition signifies a strategic move to bolster ACNB's presence, particularly in the York and Lancaster County markets. The merger also aims to expand the bank's mortgage services across its geographic footprint. Legal counsel for ACNB was provided by Bybel Rutledge LLP and financial advisory by Piper Sandler, while Traditions received legal counsel from Pillar + Aught and financial advice from Stephens Inc.
Sectors
- Banking and Financial Services
- Legal Services
Geography
- United States – The acquisition involves American entities, ACNB Corporation and Traditions Bancorp, located in Pennsylvania, USA.
- Pennsylvania – Both the acquiring company, ACNB Corporation, and the acquired company, Traditions Bancorp, are based in Pennsylvania.
- Maryland – Post-acquisition, ACNB Bank operates in Maryland, expanding its geographical footprint.
Industry
- Banking and Financial Services – The article revolves around the acquisition of Traditions Bancorp by ACNB Corporation, indicating activities within the Banking and Financial Services industry.
- Legal Services – Legal advisors were involved in the transaction, suggesting the relevance of the Legal Services industry.
Financials
- $2.54 billion – Updated deposit amount post-acquisition.
- $3.26 billion – Total assets of ACNB Corporation after the acquisition.
- $2.36 billion – Loan value on ACNB’s balance sheet post-acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ACNB Corporation | Bidding Company | Company | A financial holding company operating ACNB Bank and ACNB Insurance Services, headquartered in Pennsylvania. |
| Traditions Bancorp, Inc. | Target Company | Company | A bank holding company with Traditions Bank as its subsidiary, based in Pennsylvania. |
| Traditions Bank | Subsidiary of Target Company | Company | A wholly-owned subsidiary of Traditions Bancorp, headquartered in York, Pennsylvania. |
| Bybel Rutledge LLP | Legal Advisor to ACNB | Company | Legal counsel for ACNB Corporation in the transaction. |
| Piper Sandler | Financial Advisor to ACNB | Company | Financial advisor to ACNB Corporation for the transaction. |
| Pillar + Aught | Legal Advisor to Traditions | Company | Legal counsel for Traditions Bancorp, Inc. in the transaction. |
| Stephens Inc. | Financial Advisor to Traditions | Company | Financial advisor to Traditions Bancorp, Inc. for the transaction. |
| Eugene J. Draganosky | Board Member | Person | Former CEO and Chair of the Board of Traditions and now on ACNB's board. |
| Elizabeth F. Carson | Board Member | Person | Lead Independent Director of Traditions and now on ACNB's board. |
| John M. Polli | Board Member | Person | Former director of Traditions Bank and now on ACNB's board. |