Business
ACNB Insurance Services, Inc. Announces the Completion of the Acquisition of Hockley & O’Donnell Insurance Agency, LLC
GETTYSBURG, Pa., March 04, 2022 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services,
About this update from Acnb Corporation
[{"type":"text","content":"GETTYSBURG, Pa., March 04, 2022 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced the completion of the acquisition of the business and assets of Hockley & O’Donnell Insurance Agency, LLC, Gettysburg, PA, by its wholly-owned subsidiary, ACNB Insurance Services, Inc., effective February 28, 2022. “We are excited to have Hockley & O’Donnell Insurance Agency join ACNB Corporation through its wholly-owned subsidiary, ACNB Insurance Services, in order to enhance our ability to be the provider of both banking and insurance services in our home market of Adams County,” said James P. Helt, ACNB Corporation and ACNB Bank President & Chief Executive Officer. “It is our intent to leverage this acquisition for increased synergies and revenue across both the insurance and banking subsidiaries. For ACNB Corporation shareholders, this means further value and return on their investment as we execute plans for strategic growth and solidify our position as the financial services provider of choice in the core markets served.” This transaction is the most recent acquisition of a book of insurance business by ACNB Insurance Services, Inc., which is anticipated to increase gross premium dollars for the agency by approximately 30%. Inorganic growth, such as this transaction, has been an integral part of the insurance agency’s business plan since its founding in 1978 as Russell Insurance Group, Inc. ACNB Corporation purchased Russell Insurance Group, Inc., based in Westminster, MD, in 2005. Since that time, the insurance agency subsidiary has expanded its footprint due to organic growth as well as acquisitions resulting in additional office locations in Germantown and Jarrettsville, MD, and Gettysburg, PA. Effective January 1, 2022, the agency name was changed to ACNB Insurance Services, Inc. to align the subsidiary name with that of ACNB Corporation and ACNB Bank, the other wholly-owned subsidiary of ACNB Corporation. The purchase of the assets of Hockley & O’Donnell Insurance Agency, LLC fortifies the position of ACNB Insurance Services, Inc. in the greater Adams County, PA, market, where ACNB Corporation and ACNB Bank were founded. ACNB Corporation, headquartered in Gettysburg, PA, is the $2.8 billion financial holding company for the wholly-owned subsidiaries o...