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ACNB Corporation Holds 2021 Annual Meeting of Shareholders
GETTYSBURG, Pa., May 06, 2021 (GLOBE NEWSWIRE) -- The 2021 Annual Meeting of Shareholders of ACNB Corporation (NASDAQ: ACNB) was held on Tuesday, May 4, in a
About this update from Acnb Corporation
[{"type":"text","content":"GETTYSBURG, Pa., May 06, 2021 (GLOBE NEWSWIRE) -- The 2021 Annual Meeting of Shareholders of ACNB Corporation (NASDAQ: ACNB) was held on Tuesday, May 4, in a virtual meeting format only due to the ongoing impact of the Coronavirus Disease 2019 (COVID-19) pandemic. ACNB Corporation is the financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance Group, Inc., Westminster, MD. “2020 started off strong for ACNB Corporation with the largest acquisition in the Corporation’s history with the addition of Frederick County Bancorp, Inc. (FCBI) and its wholly-owned subsidiary, Frederick County Bank, in the first quarter. We believe this acquisition enhances and complements our existing Maryland presence and the 2017 acquisition of New Windsor Bancorp, Inc. and New Windsor State Bank in Carroll County, MD. With our operating results over the last five years, ACNB Corporation has successfully executed on our strategy of combining organic growth initiatives with inorganic growth opportunities,” said James P. Helt, ACNB Corporation President & Chief Executive Officer, during his presentation at the meeting. “Net income for the year ended December 31, 2020, totaled $18.4 million or $2.13 per share. This represents a year-over-year decline of 22.5%, and was due to two primary factors in 2020 including one-time merger-related expenses associated with the FCBI acquisition of $6 million and a higher provision for loan loss expense of $9.1 million as a result of the pandemic and an unanticipated $2.0 million charge-off of one loan after the death of a borrower. Excluding one-time merger-related expenses, 2020 net income would have been $23.0 million or $2.67 per share. We were pleased that in spite of the pandemic’s impact on the economy, ACNB Corporation continued our proud history of paying a strong dividend to our shareholders by paying a total of $8.7 million in dividends for the year, which represented an increase of 25.5% over 2019,” he said. In reference to ACNB Corporation’s response to COVID-19, Mr. Helt continued, “In spite of the negative economic impacts of the pandemic, ACNB Corporation remains a strong, full-service financial institution that has provided stability to our customers, our communities, and our shareholders for over 164 years. History is filled with examples similar to ...