GETTYSBURG, PA, October 22, 2020 (GLOBE NEWSWIRE) – The ACNB Corporation Board of Directors recently approved and declared payment of the regular quarterly cash dividend. The cash dividend of $ 0.25 per share is payable on December 15, 2020 to shareholders of record on December 1, 2020. This amount per share will result in a total dividend payout of approximately $ 2.2 million to shareholders of ACNB Corporation in the fourth quarter of 2020. ACNB Corporation paid a dividend of $ 0.25 per share in the fourth quarter of 2019 year over year.
Continuing the long history of ACNB Corporation with a quarterly cash dividend, the Board of Directors has approved a cash dividend of $ 0.25 per share for the fourth quarter, the same amount paid for the last six quarters beginning in June 2019, "said he James P. Helt, President and Chief Executive Officer of ACNB Corporation. “Despite the unprecedented times this year due to the impact of the COVID-19 pandemic with the payment of a stable dividend, the Board remains committed to shareholders who invest their money in our future. We may have changed the way we work during this pandemic. However, we have not changed the purpose of our work. At ACNB Corporation's community banking and insurance agency subsidiaries, we are resilient and look to the future – as do the customers and communities we proudly serve. "
With this dividend for the fourth quarter, the regular quarterly cash distributions to shareholders for 2020 will be $ 1.00 per share. This amount per share will result in total dividend payments of approximately $ 8.7 million to ACNB Corporation shareholders for 2020 – an increase of approximately $ 1.8 million over the previous year, including dividends for 2020 due to new Shareholders were paid as a result of the acquisition of Frederick County Bancorp, Inc. and its wholly-owned subsidiary Frederick County Bank effective January 11, 2020. ACNB Corporation paid a total of $ 0.98 per share for 2019 year over year and for the full year total more than $ 6.9 million to shareholders at the same interval.
ACNB Corporation, headquartered in Gettysburg, PA, is the $ 2.4 billion financial holding for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance Group, Inc., Westminster, MD. Founded in 1857, ACNB Bank serves its market with banking and wealth management services, including escrow and retail brokerage, through a network of 21 community banking offices in the four counties of Adams, Cumberland, Franklin and York in southern Pennsylvania as credit offices in Lancaster and York, PA and Hunt Valley, MD. As divisions of ACNB Bank, based in Maryland, FCB Bank and NWSB Bank serve the local market with a network of five and seven community banking offices in Frederick County and Carroll County, MD, respectively. Russell Insurance Group, Inc., the company's insurance subsidiary, is a full-service agency licensed in 44 states. The agency offers a broad range of property, casualty, health, life, and disability insurance to private and business customers in office locations in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA. For more information about ACNB Corporation and its subsidiaries, please visit acnb.com.
FUTURE 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 about future earnings, expenses, net interest income, other income, earnings or losses per share, asset mix and quality, growth prospects, capital structure, and other financial conditions, (b) plans and goals of management or the board of directors and (c) assumptions such as B. the economic conditions in the company's market areas. Such forward-looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “intends,” “will,” “should,” “anticipates,” or the negative of any of the preceding or other variations thereof or similar terminology or by discussing the strategy. Forward-looking statements are subject to certain risks and uncertainties, such as local economic conditions, competitive factors and regulatory restrictions. Actual results could differ materially from those projected in the forward-looking statements. These risks, uncertainties and other factors that could cause actual results and experiences to differ from those projected include, but are not limited to: the effects of government and financial policies, changes in legislation and regulations; the impact of new laws and regulations, particularly the impact of the Tax Cut and Employment Act and the Dodd-Frank Reform and Consumer Protection Act on Wall Street; Impact of capital and liquidity requirements of Basel III standards; the effects of changes in accounting policies and practices as may be determined by regulators, as well as the Financial Accounting Standards Board and other accounting standards; Ineffectiveness of business strategy due to changes in current or future market conditions; future action or inaction by the United States government, including the effects of short and long-term federal budget and tax negotiations and a failure to raise the national debt ceiling or prolonged federal government shutdown; the impact of economic conditions, particularly with regard to the negative impact of severe, widespread and persistent disruptions caused by the 2019 Coronavirus Disease (COVID-19) spread and the responses to them on the Company's and current customers' operations , particularly the impact of the economy on the ability of loan customers to repay loans; the effects of competition and changes in laws and regulations on competition, including industry consolidation and the development of competing financial products and services; the risks of changes in interest rates in relation to the amount and composition of deposits, loan demand and the values of loan collateral, securities and interest protection agreements and interest rate risks; Difficulties in making acquisitions and integrating and operating acquired businesses, including difficulties in information technology; Challenges in building and maintaining activities in new markets; the effects of technological changes; Volatilities in the securities markets; the effects of general economic conditions and, in particular, on the company's market areas; the failure of the assumptions underlying the creation of provisions for credit losses and estimates of the value of collateral and various financial assets and liabilities; Acts of war or terrorism; Disruption of credit and stock markets; the ability to manage the current level of impaired assets; the loss of certain key officers; the ability to maintain the company's brand value and image and protect the company's intellectual property rights; Continuation of relationships with major customers; and the potential impact of evolving cybersecurity and other technological risks and attacks on the business, including additional costs, reputational damage, regulatory sanctions and financial losses. We caution readers not to place undue reliance on these forward-looking statements. They only reflect management's analysis as of that date. The company 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 company filings with the SEC from time to time, including the annual reports on Form 10-K and the quarterly reports on Form 10-Q. Please also carefully review all current reports on Form 8-K filed with the SEC by the corporation.
|Contact:||Lynda L. Glass
EPP / Secretary &
Chief Governance Officer