ACNB Corporation Announces Common Stock Repurchase Program
February 25 2021 - 8:35AM
ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB
Bank and Russell Insurance Group, Inc., announced that the Board of
Directors has approved a plan to repurchase, in open market and
privately negotiated transactions, up to 261,000, or approximately
3%, of the outstanding shares of the Corporation’s common stock.
In announcing the new program, James P. Helt,
President & Chief Executive Officer of ACNB Corporation,
stated, “The Board of Directors believes that the repurchase of
ACNB Corporation’s common stock represents an attractive
opportunity for both the Corporation and its shareholders.” Mr.
Helt continued, “The approval of this stock repurchase program
reinforces the long-term commitment to ACNB Corporation
shareholders due to the potential for enhanced shareholder
investment value over time.”
The amount and timing of any shares repurchased
will be evaluated and determined based upon current market
conditions and other factors, with no guarantee as to the exact
number of shares that will be repurchased. The common stock
repurchases are expected to be funded by using available capital.
Further, this new stock repurchase program replaces and supersedes
any and all earlier announced repurchase plans.
ACNB Corporation, headquartered in Gettysburg,
PA, is the $2.6 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, as
well as loan offices in Lancaster and York, PA, and Hunt Valley,
MD. As divisions of ACNB Bank operating in Maryland, FCB Bank and
NWSB Bank serve the local marketplace with a network of five and
seven community banking offices located in Frederick County and
Carroll County, MD, respectively. 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, casualty, health, life and disability insurance serving
personal and commercial clients through office locations in
Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA.
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 Coronavirus Response
and Relief Supplemental Appropriations Act, the Coronavirus Aid,
Relief, and Economic Security Act, 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 particularly with regard to the negative impact of
severe, wide-ranging and continuing disruptions caused by the
spread of Coronavirus Disease 2019 (COVID-19) and the responses
thereto on the operations of the Corporation and 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 areas; 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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