ACNB Corporation Announces Name Change and Rebranding of Insurance Subsidiary
ACNB Corporation (NASDAQ: ACNB) has rebranded its insurance subsidiary from Russell Insurance Group, Inc. to ACNB Insurance Services, Inc., effective January 1, 2022. This change reflects ACNB's growth in the Maryland market and aligns the agency's name with its parent company. ACNB Insurance Services, Inc. offers a variety of insurance solutions and aims to enhance cross-selling opportunities with ACNB Bank. The financial holding company, headquartered in Gettysburg, PA, manages assets totaling $2.8 billion.
- Rebranding enhances visibility and affiliation with ACNB Corporation.
- Strengthened cross-selling opportunities between ACNB Bank and ACNB Insurance Services.
- Established client base in Maryland with multiple office locations.
- None.
GETTYSBURG, Pa., Jan. 06, 2022 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB), financial holding company headquartered in Gettysburg, PA, announced today that the name of its insurance subsidiary changed from Russell Insurance Group, Inc. to ACNB Insurance Services, Inc. effective January 1, 2022. ACNB Insurance Services, Inc. is a full-service insurance agency based in Westminster, MD, that offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients.
“When ACNB Corporation purchased Russell Insurance Group, Inc. in 2005, this was the first entry for the Corporation into the Maryland market. Today, the insurance agency subsidiary has grown through acquisitions to serve clients with additional office locations in Germantown and Jarrettsville, Maryland, and Gettysburg, Pennsylvania. Now that the insurance agency has an established client base in the home market for ACNB Bank, the Corporation’s other wholly-owned subsidiary, it just made sense to align the name of the insurance agency with ACNB Corporation and ACNB Bank,” said James P. Helt, ACNB Corporation President & Chief Executive Officer.
Mr. Helt continued, “The rebranding as ACNB Insurance Services, Inc. reinforces the common ownership by ACNB Corporation of both ACNB Bank and the insurance agency, as well as makes this affiliation more visible and transparent for consumers and businesses in our shared communities. Going forward, we plan to leverage cross-selling opportunities between ACNB Bank and ACNB Insurance Services, Inc., which will further the Corporation’s vision of being the independent financial services provider of choice in the core markets served by building relationships and finding solutions.”
ACNB Corporation, headquartered in Gettysburg, PA, is the
FORWARD-LOOKING 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 regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: the effects of governmental and fiscal policies, as well as legislative and regulatory changes; the effects of new laws and regulations, specifically the impact of the Coronavirus Response and Relief Supplemental Appropriations Act, the Coronavirus Aid, Relief, and Economic Security Act, the Tax Cuts and Jobs Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act; impacts of the capital and liquidity requirements of the Basel III standards; the effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short- and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; the effects of economic conditions particularly with regard to the negative impact of severe, wide-ranging and continuing disruptions caused by the spread of Coronavirus Disease 2019 (COVID-19) and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; the effects of technology changes; volatilities in the securities markets; the effect of general economic conditions and more specifically in the Corporation’s market areas; the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism; disruption of credit and equity markets; the ability to manage current levels of impaired assets; the loss of certain key officers; the ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation 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 Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.
Contact:
Lynda L. Glass
EVP/Secretary &
Chief Governance Officer
717.339.5085
lglass@acnb.com
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