The local bank says all five of its branches will remain open, and operating as usual.
Frederick, Md (KM) A local community bank is being acquired by another community. bank. Frederick County Bank is merging with ACNB Corporation of Gettysburg, Pennsylvania.
In news release issued by the two companies, ACNB says the Frederick County Bank will be known as “FCB, A Division of ACNB Bank.”
“We are pleased to join forces with a company that has laid a clear course for the future, and one in which we believe meets the objectives of our stakeholders due to its rich history of strong performance,” says William R. Talley, Jr., the President of Frederick County Bancorp, Inc. “Once the combination is complete, importantly, none of the Frederick County Bank locations will be closed, and our customers will be able to conduct their banking business at an expanded network of community banking offices in Pennsylvania and Maryland as well as enjoy a broader array of products and services.”
Frederick County Bank was founded in 2001, and has five locations in Frederick County. As of March 31st, 2019, FCBI has total assets of $442.4-million.
“We are excited to welcome FCBI as ACNB Corporation expands its presence in the Maryland market,” says James P. Helt, ACNB President and Chief Executive Officer, in a statement. “Frederick is a growing, vibrant market for community banking which is at the core of ACNB Corporation’s success for more than 160 years.”
The transaction was approved by the boards of directors of both banks. The merger is expected to be completed by late this year, or early next year. With the completion of the merger, ACNB will have 34 locations in Pennsylvania and Maryland.
Once the merger is complete, the two companies will have total assets of $2.2-billion based on the financial results of March 31st, 2019, according to the news release from Frederick County Bank and ACNB Corporation.
By Kevin McManus