GETTYSBURG, Pa., Feb. 01, 2022 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced today 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 entered into this agreement and look forward to promptly closing this transaction. Hockley & O’Donnell is a leading insurance agency in our home market of Gettysburg,” said James P. Helt, ACNB Corporation and ACNB Bank President & Chief Executive Officer. “This long-established agency brings an outstanding team and significant client base, which compliments and enhances the Corporation’s growth strategy for both ACNB Insurance Services and ACNB Bank.”
He continued, “It is our intent to leverage this acquisition for increased synergies and revenues across both the insurance and banking subsidiaries. For ACNB Corporation shareholders, this means further value and return on their investment as we look to solidify our position as the financial services provider of choice in the core 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 with another entity, ACNB Corporation was the clear choice given the alignment in both geography and client commitment. We believe this is the right fit for our clients and team members in building on our past strengths and continuing to grow the agency business model.”
Mark A. Westcott, President & Chief Executive Officer of ACNB Insurance Services, Inc., added, “This transaction is a significant initiative in our agency’s efforts to expand organically and inorganically in both Pennsylvania and Maryland. With this acquisition, ACNB Insurance Services is currently anticipating an increase of approximately 30% in gross premium dollars, which is expected to contribute to future consolidated earnings for ACNB Corporation.”
Further, he stated, “Hockley & O’Donnell has served the greater Adams County community with personal and commercial lines of insurance for many years. ACNB Insurance Services plans to embrace 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 via letter and transition information will be available at acnbinsurance.com.
ACNB Corporation, headquartered in Gettysburg, PA, is the $2.8 billion financial holding company for the 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 marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 20 community banking offices, located in the four southcentral Pennsylvania counties of Adams, Cumberland, Franklin and York, as well 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 marketplace 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 broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit acnb.com.
