ACNB Corp. plans acquisition with Maryland bank

Ioannis Pashakis//July 2, 2019

ACNB Corp. plans acquisition with Maryland bank

Ioannis Pashakis//July 2, 2019

Gettysburg-based ACNB Bank will have a second subsidiary bank in Maryland if a planned acquisition is completed with Frederick, Maryland-based Frederick County Bancorp Inc.

ACNB Corporation, ACNB’s financial holding company, said Tuesday that the banks have entered a definitive agreement for Frederick County Bancorp to sell to ACNB Corp.

The acquisition, expected to be completed next year, has been approved by the board of directors of both companies and is now awaiting regulatory and shareholder approval.

After the deal is complete, Frederick County Bancorp’s subsidiary Frederick County Bank and its five branches in Frederick County, Maryland would fall under the ownership of ACNB under the name “FCB Bank, A Division of ACNB Bank.”

This would be the company’s second Maryland bank. In 2017, the company completed a merger with New Windsor Bancorp Inc., and changed the company’s name to NWSB Bank, A Division of ACNB Bank.

ACNB Bank has 22 branches in Adams, Cumberland, Franklin and York counties and loan offices in Lancaster, York and Hunt Valley Maryland. NWSB has seven branches in Carroll County, Maryland.

James Helt, ACNB Corp.’s president and CEO, said the acquisition would complement the company’s previous work in Carroll County, Maryland.

“We are excited to welcome Frederick County Bancorp as ACNB Corporation expands its presence in the Maryland market,” Helt said in a press release. “Strategically, this acquisition is intended to complement our operations branded as NWSB Bank in Carroll County, Maryland, with profitable growth opportunities adjacent to our current footprint, while contributing to the Corporation’s established tradition of enhancing long-term shareholder value.”

Frederick County Bancorp has total assets of $442.4 million, total deposits of $372.3 million and total loans of $341.7 million. If the deal is successful, the combined company of ACNB Corp. and Frederick County Bancorp would total $2.2 billion in assets, $1.8 billion in deposits and $1.7 billion in loans.

The companies haven’t disclosed the cost of the acquisition.