ACNB, the parent of ACNB Bank, has signed a definitive agreement to acquire Frederick County Bancorp (FCBI) in a transaction valued at $60m.
As a part of the transaction, FCBI’s wholly-owned subsidiary Frederick County Bank will merge into ACNB Bank.
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Pursuant to the terms of the agreement, FCBI shareholders will receive 0.9900 shares of ACNB common stock for FCBI common stock.
Once the merger is complete, the combined entity will hold pro forma total assets of $2.2bn, total deposits of $1.8bn, and total loans of $1.7bn.
It would have 34 branches in Pennsylvania and Maryland.
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.
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By GlobalData“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.”
Established in 2001, Frederick County Bank has five bank locations in Maryland. These branches will operate as ‘FCB Bank, A Division of ACNB Bank’ following combination.
An FCBI director will also join the boards of directors of ACNB and ACNB Bank.
The FCBI acquisition is expected to complete in fourth quarter of this year or first quarter of 2020.
The completion of the deal is subject to shareholders’ approval, regulatory approvals, and other customary closing conditions.
