ACNB, the parent of Pennsylvania’s ACNB Bank, has closed the takeover of Frederick County Bancorp (FCBI) in Maryland.
The deal, valued at $60m, was announced last year.
Under the agreement, FCBI subsidiary Frederick County Bank was merged with ACNB Bank.
In Frederick County, ACNB Bank will trade under the name FCB Bank, A Division of ACNB Bank.
The combined group has around $2.2bn in assets, 34 branches and three loan offices in Pennsylvania and Maryland.
As part of the deal, former FCBI director Kimberly Chaney joins the board of directors of both ACNB and ACNB Bank.
As per the agreed transaction terms, stockholders of FCBI secured 0.9900 share of ACNB common stock for each share held.
ACNB president and CEO James Helt said: “Frederick is a growing, vibrant market for community banking, which is at the core of ACNB Corporation’s success for more than 160 years.
“It is our belief the addition of Frederick County Bank’s community banking network in Frederick County, Maryland, positions ACNB Corporation for strong and profitable growth in a desirable market that is adjacent to our current footprint in southcentral Pennsylvania and central Maryland.”
“Strategically, this acquisition is intended to complement our existing operations, while contributing to the Corporation’s established tradition of enhancing long-term shareholder value.”