ACNB Corporation Completes Acquisition of Traditions Bancorp, Inc.

ACNB Corporation (NASDAQ: ACNB) recently finalized its acquisition of Traditions Bancorp, Inc., according to a Form 8-K filed with the Securities and Exchange Commission on February 1, 2025. The acquisition, initiated under the Agreement and Plan of Reorganization dated July 23, 2024, involved several key transactions resulting in Traditions merging with ACNB’s subsidiary and Traditions Bank merging with ACNB Bank.

Each share of Traditions common stock was converted into 0.7300 shares of ACNB common stock, along with a cash payment for fractional shares. Approximately 2,035,359 shares of ACNB common stock were issued, and cash was provided for any remaining fractional shares based on a determined market share price of $39.09 per whole share.

Furthermore, three former Traditions directors were appointed to ACNB’s Board of Directors effective February 1, 2025, as per the terms of the Reorganization Agreement. This includes Elizabeth F. Carson, Eugene J. Draganosky, and John M. Polli who bring a wealth of experience to the board.

In connection with the merger, a Separation and Non-competition Agreement was established with Mr. Draganosky, outlining terms of his departure as Chief Executive Officer and related agreements. The agreement includes a lump sum separation payment of $1,373,500 and other provisions.

To provide additional information, ACNB issued a press release on February 3, 2025, announcing the completion of the acquisition. This press release details the strategic significance of the acquisition, highlighting the assets, deposits, and expanded reach resulting from the merger.

The completion of this acquisition brings together the resources and talents of both organizations, positioning ACNB as a stronger community bank serving the south central Pennsylvania and northern Maryland regions across 35 banking locations. The integration of Traditions Bank into ACNB Bank is set to provide an enhanced range of services to customers in the area.

ACNB Corporation expressed confidence in its ability to deliver value to shareholders with the experienced individuals joining its boards and the strategic vision driving the combined entity forward.

The legal counsel and financial advisor details for the transaction were provided, emphasizing the professional guidance and support throughout the acquisition process.

ACNB Corporation, a $3.26 billion financial holding company, continues to serve its customers through ACNB Bank and ACNB Insurance Services, Inc., delivering a broad range of financial solutions tailored to meet the needs of its diverse clientele.

Bybel Rutledge LLP and Piper Sandler served as advisors to ACNB Corporation, while Pillar + Aught and Stephens Inc. advised Traditions Bancorp, Inc., ensuring a smooth and efficient acquisition process.

The press release, attached as Exhibit 99.1, details further insights into the completion of the acquisition and the future strategic direction of ACNB Corporation and its constituent entities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ACNB’s 8K filing here.

ACNB Company Profile

ACNB Corporation, a financial holding company, offers banking, insurance, and financial services to individual, business, and government customers in the United States. The company provides checking, savings, and money market deposit accounts, as well as time deposits and debit cards. It also offers commercial lending products, such as commercial mortgages, real estate development and construction loans, accounts receivable and inventory financing, and agricultural and governmental loans; consumer lending products, including home equity loans and lines of credit, automobile and recreational vehicle loans, manufactured housing loans, and personal lines of credit; and mortgage lending programs include personal residential mortgages, and residential construction and investment mortgage loans.