Business
ACNB Corporation Announces Updated Loan Modification and Deferral Information
GETTYSBURG, Pa., Sept. 24, 2020 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB) announced that its wholly-owned banking subsidiary, ACNB Bank, has
About this update from Acnb Corporation
[{"type":"text","content":"GETTYSBURG, Pa., Sept. 24, 2020 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB) announced that its wholly-owned banking subsidiary, ACNB Bank, has experienced a substantial decrease in the number and amount of loans subject to temporary modification or deferral due to the economic impacts of the Coronavirus Disease 2019 (COVID-19) pandemic. As of June 30, 2020, ACNB Bank reported approved loan modifications and deferrals for 466 loans totaling $234.6 million in principal balances, representing 13.5% of the total loan portfolio. As of August 31, 2020, ACNB Bank has outstanding approvals for loan modifications and deferrals for 88 loans totaling $86.7 million in principal balances, representing 5.0% of the total loan portfolio. \n James P. Helt, President & Chief Executive Officer of ACNB Corporation and ACNB Bank, noted, “Government public health measures relating to the COVID-19 pandemic and significant curtailment of consumer spending has had a significant effect on the economies of the communities served by ACNB Corporation. Upon announcement of the government measures earlier this year, ACNB Bank anticipated receiving a significant number of requests for loan modifications and deferrals from its commercial and consumer customers and developed a vigorous program to work with customers through this difficult time. Overall, we are pleased that the demand for loan modification and deferral requests has resulted in a decrease in our preliminary estimates of potential defaults and loan losses. Reduced demand for loan modifications and deferrals reflects the strength and resilience of our customer base and the quality of our underwriting standards. ACNB Bank continues to work with customers on a case-by-case basis and to monitor the loan portfolio, economic factors, governmental responses to the pandemic, and their interrelated effects.” ACNB Corporation, headquartered in Gettysburg, PA, is the $2.4 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and 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 21 community banking offices, located in the four southcentral Pennsylvania counties of Adams, Cumberland, Franklin and York, ...