ACNB Corporation, a bank holding corporation based in Gettysburg, Pa., has agred to acquire the Russell Insurance Group, Inc., a full-service insurance agency in Maryland.
Based in Westminster, Md, with a satellite office in Timonium, Md, Russell Insurance Group has served the insurance needs of its clients since its founding by Frank C. Russell, Jr. in 1978. Total annual revenues are approximately $4 million.
The acquisition is anticipated to close during the fourth quarter of 2004, subject to varying approvals. The acquisition is structured as an all cash transaction with an approximate aggregate value of $4,750,000.00 initially and an earn-out provision that may result in additional consideration at the end of three years after the effective date of the transaction.
The agency will continue to be led by Frank C. Russell, Jr. and all agency employees will be retained, according to company officials.
The acquisition is consistent with ACNB Corporation’s organizational focus on building customer banking relationships by serving and fulfilling customers’ financial product and service needs. Russell Insurance Group will provide yet another touchpoint for its customers.
“Insurance is a key new focus in our comprehensive financial services offering,” said Thomas A. Ritter, president and chief executive officer of ACNB Corporation. “With Russell Insurance Group, we will gain top-notch insurance industry expertise, be able to expand insurance products throughout our trade area, and enhance shareholder value. In addition to our current banking services, this acquisition will complement our other financial services such as trust, brokerage, and tax and accounting.”
ACNB Corporation is the financial holding company for Adams County National Bank, Gettysburg, Pa. Originally founded in 1857, Adams County National Bank serves its marketplace via a network of 15 retail banking offices located throughout Adams County, Pa., and in Dillsburg and Hanover, York County, Pa. Farmers National Bank of Newville, a division of Adams County National Bank, operates three retail banking offices in the Newville, Cumberland County, Pa., area.
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