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ACNB, the parent company of ACNB Bank, has concluded the acquisition of Traditions Bancorp, including its subsidiary Traditions Bank.
The merger saw Traditions Bank integrated into ACNB Bank, while Traditions Bancorp was merged into a subsidiary of ACNB Corporation.
With the merger, ACNB Corporation's assets have grown to around $3.26bn, with deposits of $2.04bn and loans totalling $2.36bn.
The combined organisation operates 35 community banking offices across south central Pennsylvania and northern Maryland.
The former branches of Traditions Bank are operating under the name "Traditions Bank, A Division of ACNB Bank."
As part of the acquisition agreement, Traditions stockholders received 0.7300 shares of ACNB Corporation common stock for each share held. Fractional shares were settled in cash.
The acquisition also led to the appointment of three former Traditions directors to the Boards of Directors of both ACNB Corporation and ACNB Bank.
Eugene Draganosky, Elizabeth Carson, and John Polli have joined the boards, bringing their expertise to the expanded entity.
ACNB Corporation president and CEO James Helt said: “We are pleased to announce the completion of our strategic acquisition of Traditions Bancorp, and excited to unite our teams of dedicated local bankers who are committed to their customers and communities
“This combination brings together organizations that are unified by a shared vision, values, and a customer-centric approach to banking, to create an even stronger community bank.
“Importantly, our customers will benefit from expanded products and services delivered by the familiar faces they have come to know and trust.”
"ACNB completes Traditions Bancorp acquisition in US" was originally created and published by Retail Banker International, a GlobalData owned brand.
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