GETTYSBURG, Pa., March 04, 2022 (GLOBE NEWSWIRE) — ACNB Company (NASDAQ: ACNB), monetary holding firm for ACNB Financial institution and ACNB Insurance coverage Providers, Inc., introduced the completion of the acquisition of the enterprise and property of Hockley & O’Donnell Insurance coverage Company, LLC, Gettysburg, PA, by its wholly-owned subsidiary, ACNB Insurance coverage Providers, Inc., efficient February 28, 2022.
“We’re excited to have Hockley & O’Donnell Insurance coverage Company be a part of ACNB Company by its wholly-owned subsidiary, ACNB Insurance coverage Providers, to be able to improve our means to be the supplier of each banking and insurance coverage providers in our house market of Adams County,” mentioned James P. Helt, ACNB Company and ACNB Financial institution President & Chief Government Officer. “It’s our intent to leverage this acquisition for elevated synergies and income throughout each the insurance coverage and banking subsidiaries. For ACNB Company shareholders, this implies additional worth and return on their funding as we execute plans for strategic development and solidify our place because the monetary providers supplier of selection within the core markets served.”
This transaction is the latest acquisition of a guide of insurance coverage enterprise by ACNB Insurance coverage Providers, Inc., which is anticipated to extend gross premium {dollars} for the company by roughly 30%. Inorganic development, equivalent to this transaction, has been an integral a part of the insurance coverage company’s marketing strategy since its founding in 1978 as Russell Insurance coverage Group, Inc. ACNB Company bought Russell Insurance coverage Group, Inc., primarily based in Westminster, MD, in 2005. Since that point, the insurance coverage company subsidiary has expanded its footprint as a consequence of natural development in addition to acquisitions leading to extra workplace places in Germantown and Jarrettsville, MD, and Gettysburg, PA.
Efficient January 1, 2022, the company identify was modified to ACNB Insurance coverage Providers, Inc. to align the subsidiary identify with that of ACNB Company and ACNB Financial institution, the opposite wholly-owned subsidiary of ACNB Company. The acquisition of the property of Hockley & O’Donnell Insurance coverage Company, LLC fortifies the place of ACNB Insurance coverage Providers, Inc. within the better Adams County, PA, market, the place ACNB Company and ACNB Financial institution have been based.
ACNB Company, headquartered in Gettysburg, PA, is the $2.8 billion monetary holding firm for the wholly-owned subsidiaries of ACNB Financial institution, Gettysburg, PA, and ACNB Insurance coverage Providers, Inc., previously Russell Insurance coverage Group, Inc., Westminster, MD. Initially based in 1857, ACNB Financial institution serves its market with banking and wealth administration providers, together with belief and retail brokerage, by way of a community of 20 group banking places of work, positioned within the 4 southcentral Pennsylvania counties of Adams, Cumberland, Franklin and York, in addition to mortgage places of work in Lancaster and York, PA, and Hunt Valley, MD. As divisions of ACNB Financial institution working in Maryland, FCB Financial institution and NWSB Financial institution serve the native market with a community of 5 and 6 group banking places of work positioned in Frederick County and Carroll County, MD, respectively. ACNB Insurance coverage Providers, Inc. is a full-service company with licenses in 44 states. The company affords a broad vary of property, casualty, well being, life and incapacity insurance coverage serving private and business purchasers by workplace places in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA. For extra info relating to ACNB Company and its subsidiaries, please go to acnb.com.
FORWARD-LOOKING STATEMENTS – Along with historic info, this press launch could include forward-looking statements. Examples of forward-looking statements embody, however usually are not restricted to, (a) projections or statements relating to future earnings, bills, internet curiosity revenue, different revenue, earnings or loss per share, asset combine and high quality, development prospects, capital construction, and different monetary phrases, (b) statements of plans and targets of Administration or the Board of Administrators, and (c) statements of assumptions, equivalent to financial circumstances within the Company’s market areas. Such forward-looking statements might be recognized by way of forward-looking terminology equivalent to “believes”, “expects”, “could”, “intends”, “will”, “ought to”, “anticipates”, or the damaging of any of the foregoing or different variations thereon or comparable terminology, or by dialogue of technique. Ahead-looking statements are topic to sure dangers and uncertainties equivalent to native financial circumstances, aggressive components, and regulatory limitations. Precise outcomes could differ materially from these projected within the forward-looking statements. Such dangers, uncertainties, and different components that would trigger precise outcomes and expertise to vary from these projected embody, however usually are not restricted to, the next: results of governmental and monetary insurance policies, in addition to legislative and regulatory adjustments; results of latest legal guidelines and rules (together with legal guidelines and rules regarding taxes, banking, securities and insurance coverage) and their utility with which the Company and its subsidiaries should comply; impacts of the capital and liquidity necessities of the Basel III requirements; results of adjustments in accounting insurance policies and practices, as could also be adopted by the regulatory businesses, in addition to the Monetary Accounting Requirements Board and different accounting customary setters; ineffectiveness of the enterprise technique as a consequence of adjustments in present or future market circumstances; future actions or inactions of america authorities, together with the consequences of short- and long-term federal funds and tax negotiations and a failure to extend the federal government debt restrict or a chronic shutdown of the federal authorities; results of financial circumstances notably with regard to the damaging impression of extreme, wide-ranging and persevering with disruptions attributable to the unfold of Coronavirus Illness 2019 (COVID-19) and some other pandemic, epidemic or health-related disaster and the responses thereto on the operations of the Company and present prospects, particularly the impact of the economic system on mortgage prospects’ means to repay loans; results of competitors, and of adjustments in legal guidelines and rules on competitors, together with trade consolidation and growth of competing monetary services; inflation, securities market and financial fluctuations; dangers of adjustments in rates of interest on the extent and composition of deposits, mortgage demand, and the values of mortgage collateral, securities, and rate of interest safety agreements, in addition to rate of interest dangers; difficulties in acquisitions and integrating and working acquired enterprise operations, together with info know-how difficulties; challenges in establishing and sustaining operations in new markets; results of know-how adjustments; impact of normal financial circumstances and extra particularly within the Company’s market areas; failure of assumptions underlying the institution of reserves for mortgage losses and estimations of values of collateral and varied monetary property and liabilities; acts of struggle or terrorism; disruption of credit score and fairness markets; means to handle present ranges of impaired property; lack of sure key officers; means to keep up the worth and picture of the Company’s model and defend the Company’s mental property rights; continued relationships with main prospects; and, potential impacts to the Company from frequently evolving cybersecurity and different technological dangers and assaults, together with extra prices, reputational harm, regulatory penalties, and monetary losses. We warning readers to not place undue reliance on these forward-looking statements. They solely replicate Administration’s evaluation as of this date. The Company doesn’t revise or replace these forward-looking statements to replicate occasions or modified circumstances. Please rigorously assessment the danger components described in different paperwork the Company recordsdata once in a while with the SEC, together with the Annual Reviews on Kind 10-Ok and Quarterly Reviews on Kind 10-Q. Please additionally rigorously assessment any Present Reviews on Kind 8-Ok filed by the Company with the SEC.
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