ACNB Corporation Declares Third Quarter Cash Dividend
July 18 2019 - 09:15AM
The Board of Directors of ACNB Corporation approved and declared
the payment of the regular quarterly cash dividend. The cash
dividend of $0.25 per share is payable on September 13, 2019, to
shareholders of record on August 29, 2019. This per share amount
reflects a nearly 9% increase over prior year same quarter and will
result in aggregate dividend payments of approximately $1.8 million
to ACNB Corporation shareholders in the third quarter of 2019. In
comparison to a year ago, ACNB Corporation paid a $0.23 dividend
per share in the third quarter of 2018.
“For the second consecutive quarter in 2019, the
Board of Directors is pleased to reward ACNB Corporation’s
shareholders with a dividend amount of $0.25 per share. Our banking
and insurance operations continue to be fundamentally strong as we
remain focused on short-term and long-term growth strategies,” said
James P. Helt, ACNB Corporation President & Chief Executive
Officer. “Furthermore, as publicly announced on July 2, 2019,
geographic expansion efforts are underway for ACNB Corporation
through the acquisition of Frederick County Bancorp, Inc.,
headquartered in Frederick, Maryland, and its wholly-owned
subsidiary, Frederick County Bank. It is our belief the addition of
Frederick County Bank’s community banking network positions ACNB
Corporation for profitable growth in a desirable market that is
adjacent to our current footprint.”
With this third quarter dividend, the regular
quarterly cash dividends paid to shareholders for the first nine
months of 2019 will total $0.73 per share. This per share amount
will result in a total of more than $5.1 million paid to
shareholders through the first three quarters of 2019. In
comparison to a year ago, ACNB Corporation paid a total of $0.66
per share for the first three quarters of 2018 and an aggregate of
more than $4.6 million to shareholders during the same period.
ACNB Corporation, headquartered in Gettysburg,
PA, is the $1.7 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 22
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 a division of ACNB Bank, NWSB Bank serves its marketplace
via a network of seven community banking offices located in Carroll
County, MD. Russell Insurance Group, Inc., the Corporation’s
insurance subsidiary, is a full-service agency with licenses in 44
states. The agency offers a broad range of property and casualty
and group life and health insurance serving individual and
commercial clients through office locations in Westminster,
Germantown and Jarrettsville, MD. For more information regarding
ACNB Corporation and its subsidiaries, please visit
acnb.com.FORWARD-LOOKING STATEMENTS - In addition to historical
information, this press release may contain forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, (a) projections or statements regarding future
earnings, expenses, net interest income, other income, earnings or
loss per share, asset mix and quality, growth prospects, capital
structure, and other financial terms, (b) statements of plans and
objectives of management or the Board of Directors, and (c)
statements of assumptions, such as economic conditions in the
Corporation’s market areas. Such forward-looking statements can be
identified by the use of forward-looking terminology such as
“believes”, “expects”, “may”, “intends”, “will”, “should”,
“anticipates”, or the negative of any of the foregoing or other
variations thereon or comparable terminology, or by discussion of
strategy. Forward-looking statements are subject to certain risks
and uncertainties such as local economic conditions, competitive
factors, and regulatory limitations. Actual results may differ
materially from those projected in the forward-looking statements.
Such risks, uncertainties and other factors that could cause actual
results and experience to differ from those projected include, but
are not limited to, the following: the effects of governmental and
fiscal policies, as well as legislative and regulatory changes; the
effects of new laws and regulations, specifically the impact of the
Tax Cuts and Jobs Act and the Dodd-Frank Wall Street Reform and
Consumer Protection Act; impacts of the capital and liquidity
requirements of the Basel III standards; the effects of changes in
accounting policies and practices, as may be adopted by the
regulatory agencies, as well as the Financial Accounting Standards
Board and other accounting standard setters; ineffectiveness of the
business strategy due to changes in current or future market
conditions; future actions or inactions of the United States
government, including the effects of short- and long-term federal
budget and tax negotiations and a failure to increase the
government debt limit or a prolonged shutdown of the federal
government; the effects of economic conditions on current
customers, specifically the effect of the economy on loan
customers’ ability to repay loans; the effects of competition, and
of changes in laws and regulations on competition, including
industry consolidation and development of competing financial
products and services; the risks of changes in interest rates on
the level and composition of deposits, loan demand, and the values
of loan collateral, securities, and interest rate protection
agreements, as well as interest rate risks; difficulties in
acquisitions and integrating and operating acquired business
operations, including information technology difficulties;
challenges in establishing and maintaining operations in new
markets; the effects of technology changes; volatilities in the
securities markets; the effect of general economic conditions and
more specifically in the Corporation’s market area; the failure of
assumptions underlying the establishment of reserves for loan
losses and estimations of values of collateral and various
financial assets and liabilities; acts of war or terrorism;
disruption of credit and equity markets; the ability to manage
current levels of impaired assets; the loss of certain key
officers; the ability to maintain the value and image of the
Corporation’s brand and protect the Corporation’s intellectual
property rights; continued relationships with major customers; and,
potential impacts to the Corporation from continually evolving
cybersecurity and other technological risks and attacks, including
additional costs, reputational damage, regulatory penalties, and
financial losses. We caution readers not to place undue reliance on
these forward-looking statements. They only reflect management’s
analysis as of this date. The Corporation does not revise or update
these forward-looking statements to reflect events or changed
circumstances. Please carefully review the risk factors described
in other documents the Corporation files from time to time with the
SEC, including the Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q. Please also carefully review any Current
Reports on Form 8-K filed by the Corporation with the SEC.
Contact: |
Lynda L.
Glass |
|
EVP/Secretary & |
|
Chief Governance Officer |
|
717.339.5085 |
|
lglass@acnb.com |
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