The Federal Deposit Insurance Corp. and the Pennsylvania Department of Banking and Securities recently granted regulatory approvals for the merger of ACNB Bank and Traditions Bank, both Pennsylvania-based banks. The Federal Reserve Bank of Philadelphia also granted a waiver to its merger application requirements.
Approval was granted to the banks’ parent companies for ACNB’s purchase of Traditions Bank.
ACNB Corp., an independent $2.42 billion financial holding company, is the parent company of ACNB Bank and ACNB Insurance Services. The bank operates 27 community banking offices and two loan offices in Pennsylvania and Maryland.
Traditions Bancorp is the holding company of Traditions Bank. The bank operates eight retail branches and a loan production office.
The deal is subject to shareholder approval and customary closing conditions. The shareholders of Traditions Bancorp will vote on Dec. 18. ACNB shareholders also will vote on Dec. 18 to issue shares of ACNB common stock in connection with the merger.
“This transaction will provide the resources to expand our presence in York County and enhance our penetration in the vibrant and demographically compelling Lancaster County market,” James Helt, ACNB president and CEO, said in July when the merger was announced.
The deal is expected to close Feb. 1.