ACNB Closes Traditions Bancorp Acquisition

MT Newswires Live02-03

ACNB (ACNB) said Monday it purchased Traditions Bancorp, merging its Traditions Bank unit with ACNB Bank.

Traditions stockholders received 0.73 ACNB common shares for every Traditions share they held, the company said.

The companies said in July that they expect the all-stock deal to be valued at $73.5 million.

ACNB said Monday that Traditions directors Eugene J. Draganosky, Elizabeth F. Carson, and John M. Polli have joined its board.

Following the merger, ACNB's total assets stand at $3.26 billion, with deposits of $2.04 billion and loans of $2.36 billion, ACNB said, adding that the company now operates 35 branches in south-central Pennsylvania and northern Maryland.

ACNB shares were down 2% in recent Monday trading.

Price: 40.27, Change: -0.83, Percent Change: -2.02

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