Investment Banking - ACNB Corporation
Transactions | Banking
Client: ACNB Corporation
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor
ACNB Corporation has Announced its Intention to Acquire Frederick County Bancorp, Inc.
Key Deal Points:
- ACNB Corporation (NASDAQ: ACNB) (“ACNB”), the parent financial holding company of ACNB Bank, headquartered in Gettysburg, PA, is the financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance Group, Inc., Westminster, MD. ACNB Bank operates a network of 29 community banking offices, located in south-central PA and Carroll County, MD. As of March 31, 2019, ACNB had total assets of $1.7 billion, $1.3 billion in loans and $1.4 billion in deposits.
- Frederick County Bancorp, Inc. (OTC Pink: FCBI) (“FCBI”), headquartered in Frederick, MD, is a one-bank holding for Frederick County Bank. Frederick County Bank conducts full-service commercial banking services through five bank centers located in Frederick County, MD. As of March 31, 2019, FCBI had total assets of $442.4 million, $342.2 million in loans and $372.3 million in deposits.
- Pursuant to the terms of the definitive agreement, FCBI shareholders will receive 0.9900 shares of ACNB common stock for each share of FCBI common stock. The transaction is valued at approximately $60 million.
- Upon consummation of the acquisition, ACNB Bank will operate former Frederick County Bank locations as “FCB Bank, A Division of ACNB Bank.” One director from FCBI will join the boards of directors of ACNB and ACNB Bank, respectively.
- The transaction is expected to close in the fourth quarter of 2019 or first quarter of 2020.
- Boenning is serving as financial advisor and rendered a fairness opinion to ACNB.