ACNB Bank Group Acquires Russell Insurance
By Mark E. Ruquet
NU Online News Service, Nov. 22, 2:59 p.m. EST?ACNB Corp. said it plans to acquire Russell Insurance Group Inc. of Westminster, Md., for $4.75 million.[@@]
The transaction, which is expected to be completed sometime before the end of this year, is still subject to regulatory approvals.
ACNB, the financial holding company of Gettysburg, Pa.-based Adams County National Bank, said the purchase is an all-cash deal. There is an earn-out provision that may result in additional payouts at the end of three years after the effective date of the transaction.
In addition to its Westminster office, Russell Insurance has an office in Timonium, Md. The agency, founded in 1978 by Frank C. Russell, serves both commercial and personal lines customers through the sale of property-casualty, life and health insurance. The full-service agency reported annual revenue of approximately $4 million, primarily through the sale of p-c and employee benefit products.
Mr. Russell and the agency's current staff will continue to serve customers from their current locations.
Adams County National Bank, founded in 1857, with assets of $945 million, has 15 offices in Adams County, Dillsburg and Hanover, York County, Pa. Its subsidiary, Farmers National Bank, operates three offices in Newville and Cumberland County, Pa.
Lynda L. Glass, a spokeswoman for ACNB said this is the first insurance venture for the institution.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.