Insurance

ACNB: INSURANCE SERVICES, INC. ACQUIRES – Form 8-K

ACNB INSURANCE SERVICES, INC. ACQUIRES

MAIN OFFICE IN GETTYSBURG, PA

GETTYSBURG, Pa., February 1, 2022 — ACNB Corporation (NASDAQ: ACNB), the financial holding company for ACNB Bank and ACNB Insurance Services, Inc., today announced that its wholly owned subsidiary, ACNB Insurance Services, Inc., has entered into an agreement to acquire the business and assets of Hockley & O’Donnell Insurance Agency LLC, Gettysburg, PA.

“We are very pleased to have reached this agreement and look forward to quickly closing this transaction. Hockley & O’Donnell is a leading insurance agency in our home market of Gettysburg,” said James P. Helt, President of ACNB Corporation and ACNB Bank. & Chief executive officer. “This long-established agency brings an exceptional team and a large client base, which complements and enhances the Company’s growth strategy for ACNB Insurance Services and ACNB Bank.”

He continued: “We intend to leverage this acquisition to increase synergies and revenues in the insurance and banking subsidiaries. For ACNB Corporation shareholders, this means greater value and return on their investment as we seek to solidify our position as a financial services company. supplier of choice in the main markets served.”

Speaking on behalf of Hockley & O’Donnell, Charles ‘Skip’ Hockley said: “When my family and I started planning for the future and we made the decision to partner and join forces at another entity, ACNB Corporation was the obvious choice given the alignment in terms of geography and commitment to customers.

ACNB Corporation
Press release/Acquisition of a leading agency in Gettysburg, Pennsylvania
February 1, 2022
Page 2 of 3

We believe this is the right fit for our clients and our team members by building on our past strengths and continuing to grow the agency’s business model.”

Mark A. Westcott, President and CEO of ACNB Insurance Services, Inc., added, “This transaction is an important initiative in our agency’s efforts to grow organically and inorganically in both Pennsylvania and in Maryland. With this acquisition, ACNB Insurance Services is currently anticipating an increase of approximately 30% in gross dollar premiums, which should contribute to ACNB Corporation’s future consolidated earnings. »

Additionally, he said, “Hockley & O’Donnell has served the great community of Adams County with personal and commercial lines of insurance for many years. ACNB Insurance Services plans to build on this strong foundation of tradition and community ties as we look to the future.”

The transaction is expected to close in the near future, at which time all Hockley & O’Donnell clients will be notified by letter and transition information will be available on acnbinsurance.com.

ACNB Corporation, headquartered in Gettysburg, PA, is the $2.8 billion financial holding company for wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., formerly Russell Insurance Group, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its market with banking and wealth management services, including trusts and retail brokerage, through a network of 20 community banking offices, located in the four central counties- southern Pennsylvania, namely Adams, Cumberland, Franklin, and York, as well as as loan offices in Lancaster and York, PA, and Hunt Valley, MD. As divisions of ACNB Bank operating in Maryland, FCB Bank and NWSB Bank serve the local market with a network of five and six community banking offices located in Frederick County and Carroll County, MD, respectively. ACNB Insurance Services, Inc. is a full-service agency with licenses in 44 states. The agency offers a wide range of property and casualty, health, life and disability insurance serving personal and commercial clients from offices located in Westminster, Germantown and Jarrettsville,

ACNB Corporation
Press release/Acquisition of a leading agency in Gettysburg, Pennsylvania
February 1, 2022
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MD and Gettysburg, Pennsylvania. For more information about ACNB Corporation and its subsidiaries, please visit acnb.com.

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FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset composition and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of management or the board of directors, and ( (c) statements of assumptions, such as economic conditions in the Company’s market sectors. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, ” provides”, or the negative form of any of the preceding or other variations thereof or comparable terminology, or by a discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as local economic conditions, competitive factors and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. These risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: the effects of governmental and tax policies, as well as legislative changes and regulatory; the effects of new laws and regulations, in particular the impact of the Coronavirus Response and Relief Supplemental Appropriations Act, the Coronavirus Aid, Relief, and Economic Security Act, the Tax Cuts and Jobs Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impacts of the capital and liquidity requirements of the Basel III standards; the effects of changes in accounting policies and practices, as they may be adopted by regulatory bodies, as well as by the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the short- and long-term effects of the federal budget and tax negotiations and a failure to raise the public debt ceiling or an extended federal government shutdown; the effects of economic conditions, in particular with respect to the adverse impact of the severe, widespread and ongoing disruptions caused by the spread of coronavirus disease 2019 (COVID-19) and responses thereto on the operations of the Company and current customers, in particular the effect of the economy on the ability of customers to repay their loans; the effects of competition and changes in laws and regulations on competition, including industry consolidation and the development of competing financial products and services; the risks of changes in interest rates on the level and composition of deposits, the demand for loans and the value of loan guarantees, securities and interest rate protection agreements, as well as interest rate risks. interest; difficulties relating to acquisitions and the integration and operation of acquired business operations, including difficulties relating to information technology; challenges in establishing and maintaining operations in new markets; the effects of technological change; securities market volatilities; the effect of general economic conditions and more specifically in the Company’s market sectors; failure of assumptions underlying the establishment of loan loss reserves and estimates of values ​​of collateral and various financial assets and liabilities; acts of war or terrorism; disruption in credit and equity markets; the ability to manage current levels of impaired assets; the loss of certain key executives; the ability to maintain the value and image of the Company’s brand and to protect the Company’s intellectual property rights; maintaining relationships with key customers; and, the potential impacts on the Company from evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties and financial loss. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis to date. The Company does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents that the Company files with the SEC from time to time, including annual reports on Form 10-K and quarterly reports on Form 10-Q. Please also carefully review all current Form 8-K reports filed by the Company with the SEC..

ACNB #2022-8

February 1, 2022