ACNB Corporation (NASDAQ: ACNB) (“ACNB”), the parent financial holding company of ACNB Bank, a Pennsylvania state-chartered, FDIC insured community bank headquartered in Gettysburg, PA, announced today the receipt of all required regulatory approvals or waivers for ACNB’s proposed acquisition of Frederick County Bancorp, Inc. (OTCPink: FCBI) (“FCBI”) and its wholly-owned subsidiary, Frederick County Bank, headquartered in Frederick, MD.
The Federal Deposit Insurance Corporation has approved the Bank Merger Act application to merge Frederick County Bank with and into ACNB Bank (the “bank merger”). The Pennsylvania Department of Banking and Securities and the Commissioner of Financial Regulation for the State of Maryland have approved the merger of FCBI with and into an ACNB acquisition subsidiary and the bank merger. The Federal Reserve Bank of Philadelphia has granted ACNB a waiver in regard to its merger application requirements.
FCBI stockholders will vote on the proposed transaction at a special meeting of stockholders to be held on Friday, December 20, 2019. In addition, ACNB shareholders will be asked to vote in favor of the issuance of shares of ACNB common stock in connection with the merger at a special meeting of shareholders also scheduled for Friday, December 20, 2019. Subject to the FCBI stockholder and ACNB shareholder approvals and other customary closing conditions, the transaction is currently expected to have an effective date of January 11, 2020.
