Gettysburg, Pa.-based ACNB Corp. has completed its acquisition of Frederick, Md.-based Frederick County Bancorp Inc.
Effective Jan. 11, Frederick County Bancorp merged into a wholly owned subsidiary of ACNB Corp., and Frederick County Bank merged into ACNB Bank. ACNB Bank will operate in the Frederick County, Md., market as FCB Bank, A Division of ACNB Bank.
Under the terms of the deal, Frederick County Bancorp stockholders received 0.9900 of an ACNB common share for each Frederick County Bancorp common share owned. ACNB issued approximately 1.6 million common shares, and cash in exchange for fractional shares, based on the determined market share price of ACNB common stock under the agreement of $36.43.
Former Frederick County Bancorp director Kimberly Chaney was appointed to the boards of ACNB Corp. and ACNB Bank. Chaney was formerly chairman of Frederick County Bancorp's board.
On a consolidated basis with the combination of the two organizations, ACNB Corp. said it has about $2.2 billion in assets, $1.8 billion in deposits and $1.6 billion in loans, with 34 community banking offices and three loan offices in Pennsylvania and Maryland.
Bybel Rutledge LLP served as legal counsel and Boenning & Scattergood Inc. served as financial adviser to ACNB Corp. Buckley LLP served as legal counsel and Sandler O'Neill & Partners LP served as financial adviser to Frederick County Bancorp.