Gettysburg, Pa.-based ACNB Corp. has received all required regulatory approvals or waivers for its proposed acquisition of Frederick, Md.-based Frederick County Bancorp Inc. and Frederick County Bank.
The Federal Deposit Insurance Corp. approved the application to merge Frederick County Bank with and into ACNB Bank, while the Pennsylvania Department of Banking and Securities and the Maryland Office of the Commissioner of Financial Regulation approved the bank merger and the merger of Frederick County Bancorp with and into an ACNB acquisition subsidiary. The Federal Reserve Bank of Philadelphia granted ACNB a waiver of its merger application requirements.
Frederick County Bancorp shareholders will vote on the proposed transaction Dec. 20. On the same day, ACNB shareholders will be asked to vote in favor of the issuance of the company's common shares in connection with the merger.
The deal is expected to have an effective date of Jan. 11, 2020.