ACNB Corporation and Traditions Bancorp each received shareholder approvals for ACNB to acquire Traditions Bank.
Gettysburg-based ACNB is the holding company for ACNB Bank, while York-based Traditions is the parent company of Traditions Bank.
“We are thrilled to announce that our shareholders have approved our issuance of common stock for this momentous transaction, marking the beginning of an exciting new chapter for our company. This strategic acquisition will allow us to leverage our combined strengths, enhance innovation and deliver even greater value to our customers, shareholders, employees alike,” James Helt, president and CEO of ACNB, said.
On Dec. 18, ACNB and Traditions shareholders overwhelmingly approved the acquisition at separate special meetings.
“Today’s approval by our shareholders underscores the confidence they have in the long-term potential of this partnership. Together, we are building a stronger, more resilient community bank poised to lead in a rapidly evolving industry. We are excited about the future and the opportunities this transaction will create,” Eugene Draganosky, chair of the board and CEO of Traditions, said.
The acquisition is expected to close on Feb. 1, 2025, subject to regulatory approvals.
ACNB Bank has $2.42 billion in assets under management with a network of 27 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll, and Frederick.
Traditions has $859 million in assets under management with six retail branches in York County, two retail branches in Lancaster County, and a loan production office in Cumberland County.