ACNB (ACNB) has issued an announcement.
ACNB Corporation is set to acquire Traditions Bancorp, Inc., with an agreement in place detailing that Traditions will merge into an ACNB subsidiary, followed by Traditions Bank merging with ACNB Bank. Traditions’ shareholders will exchange their shares for ACNB stock and receive cash for fractional shares, while certain Traditions equity awards will vest and convert into merger consideration. The deal, approved unanimously by both companies’ boards, hinges on shareholder and regulatory approvals and aims to be a tax-free reorganization. If the agreement is terminated under specific conditions, Traditions must pay ACNB a $3 million fee. This strategic move is anticipated to create significant financial benefits and enhance the combined company’s market presence.
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