Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
| Contact: | Lynda L. Glass | |
| EVP/Secretary & | ||
| Chief Governance Officer | ||
| 717.339.5085 | ||
| lglass@acnb.com |
ACNB CORPORATION RECOGNIZED AS
ONE OF TOP 50 FASTEST GROWING COMPANIES
IN CENTRAL PENNSYLVANIA
GETTYSBURG, PA, September 14, 2020 --- ACNB Corporation was recently named by Central Penn Business Journal to its 24th annual list of the Top 50 Fastest Growing Companies in Central Pennsylvania for 2020. This is the third consecutive year ACNB Corporation has achieved this recognition, ranking #28 in 2020.
“What began as a savings institution with one location on Lincoln Square in Gettysburg, Pennsylvania, in 1857 has become a vibrant and successful community banking organization with 33 community banking offices and three loan offices in 2020. ACNB Corporation’s growth is the direct result of the commitment and hard work of many in our organization, as well as reinforces the success of our business model, vision, and core values. We are, once again, truly honored to be recognized for our achievements and excited about the positive momentum ACNB Corporation continues to experience in our local markets through our subsidiaries of ACNB Bank and Russell Insurance Group, Inc.,” said James P. Helt, ACNB Corporation President & Chief Executive Officer.
“ACNB Corporation has a long history of commitment to the communities shared with its employees, customers and shareholders,” he continued. “In gratitude, we recognize those who contribute to ACNB Corporation’s vision and growth as a financial services provider focused on building relationships and finding solutions.”
ACNB Corporation
Press Release/2020 Top 50 Fastest Growing Companies
September 14, 2020
Page 2 of 3
In order to be eligible for consideration in this ranking for 2020, companies were required to show revenue of at least $500,000 in each of the fiscal years ending 2017, 2018 and 2019, as well as revenue growth in 2019, as compared to 2017. Companies headquartered in Adams, Cumberland, Dauphin, Franklin, Lancaster, Lebanon, Perry or York County were eligible for nomination.
The presenting sponsor of the program, Baker Tilly, performed the calculations and then ranked the companies according to revenue growth over the three-year period. Both dollar and percentage increases were taken into consideration. This ranking formula resulted in the final list of 50 honorees recognized at a virtual celebration event on Wednesday, September 9, 2020, when specific rankings within the Top 50 were revealed.
ACNB Corporation, headquartered in Gettysburg, PA, is the $2.4 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance Group, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 21 community banking offices, located in the four southcentral Pennsylvania counties of Adams, Cumberland, Franklin and York, as well as loan offices in Lancaster and York, PA, and Hunt Valley, MD. As divisions of ACNB Bank operating in Maryland, FCB Bank and NWSB Bank serve the local marketplace with a network of five and seven community banking offices located in Frederick County and Carroll County, MD, respectively. Russell Insurance Group, Inc., the Corporation’s insurance subsidiary, is a full-service agency with licenses in 44 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit acnb.com.
ACNB Corporation
Press Release/2020 Top 50 Fastest Growing Companies
September 14, 2020
Page 3 of 3
Top 50 Fastest Growing Companies is a program of the Central Penn Business Journal and is presented by Baker Tilly. For more information about the awards and honorees, please visit CPBJ.com/2020-top-50-fastest-growing-companies.
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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 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.
ACNB #2020-25
September 14, 2020