ACNB Corporation Completes Acquisition of Traditions Bancorp

Deal News | Feb 03, 2025 | Globenewswire

ACNB Corporation Completes Acquisition of Traditions Bancorp

ACNB Corporation, the parent company of ACNB Bank, announced the successful completion of its acquisition of Traditions Bancorp, Inc., along with its subsidiary Traditions Bank in York, Pennsylvania, effective February 1, 2025. The merger was structured as Traditions Bancorp merging into a subsidiary of ACNB, followed by Traditions Bank merging with ACNB Bank. As a result, the acquired bank will now operate as Traditions Bank, A Division of ACNB Bank. Traditions stockholders received 0.7300 shares of ACNB Corporation common stock for each share they held. The acquisition bolsters ACNB's presence and operations across Pennsylvania and Maryland, enhancing its total assets to $3.26 billion. Additionally, the merger welcomed three previous Traditions directors to the ACNB boards, leveraging their extensive banking and business knowledge. The merger aims to strengthen ACNB's market position, particularly in the York and Lancaster County areas, and expand its mortgage operations. Legal and financial advisory roles were handled by Bybel Rutledge LLP, Piper Sandler for ACNB, and Pillar + Aught, Stephens Inc. for Traditions Bancorp.

Sectors

  • Banking & Financial Services
  • Mergers & Acquisitions

Geography

  • United States – The acquisition involves companies based in Pennsylvania and also impacts operations in Maryland, both in the United States.
  • Pennsylvania – ACNB Corporation and Traditions Bancorp are both headquartered in Pennsylvania, making this state central to the article.
  • Maryland – ACNB's operations extend into northern Maryland where it has community banking offices, making this region relevant to the article.

Industry

  • Banking & Financial Services – This sector includes banks and holding companies that provide a wide range of financial services including personal and commercial banking, lending, and wealth management.
  • Mergers & Acquisitions – This sector pertains to the consolidation, acquisition, and transfer of businesses or entities, as demonstrated by ACNB's acquisition of Traditions Bancorp.

Financials

  • 0.7300 shares of ACNB Corporation common stock for each share of Traditions common stock – The exchange ratio for the acquisition of Traditions Bancorp by ACNB Corporation.
  • $3.26 billion – Post-acquisition, ACNB Corporation's total assets.
  • $2.04 billion – Post-acquisition, ACNB Corporation's total deposits.
  • $2.36 billion – Post-acquisition, ACNB Corporation's total loans.

Participants

NameRoleTypeDescription
ACNB CorporationAcquiring CompanyCompanyA financial holding company headquartered in Gettysburg, PA, overseeing ACNB Bank and ACNB Insurance Services.
Traditions Bancorp, Inc.Target CompanyCompanyA York, PA-based banking entity acquired by ACNB Corporation along with its subsidiary, Traditions Bank.
ACNB BankBidding CompanybuyerCompanyA subsidiary of ACNB Corporation operating as a community bank in Pennsylvania and Maryland.
Traditions BankBidding CompanybuyerCompanyA subsidiary of Traditions Bancorp, now part of ACNB Bank and operating under its division.
Eugene J. DraganoskyPast CEO, Board MemberPersonFormer CEO and Chair of Traditions, now a board member at ACNB following the acquisition.
Elizabeth F. CarsonBoard MemberPersonFormer lead independent director of Traditions, now a board member at ACNB.
John M. PolliBoard MemberPersonFormer board member of Traditions, now a board member at ACNB.
Bybel Rutledge LLPLegal AdvisorCompanyServed as legal counsel for ACNB Corporation in the acquisition.
Piper SandlerFinancial AdvisorCompanyProvided financial advisory services to ACNB Corporation for the transaction.
Pillar + AughtLegal AdvisorCompanyServed as legal counsel for Traditions Bancorp in the acquisition.
Stephens Inc.Financial AdvisorCompanyProvided financial advisory services to Traditions Bancorp for the transaction.