ACNB Corporation has announced a new plan to repurchase up to 314,000, or approximately 3.0%, of its outstanding common stock. This new common stock repurchase program replaces and supersedes any earlier announced repurchase plans. The company will be executing these repurchases through open market transactions at prevailing market prices.
ACNB Corporation, with headquarters in Gettysburg, PA, is a $3.27 billion financial holding company. It operates through its wholly-owned subsidiaries, ACNB Bank and ACNB Insurance Services, Inc. ACNB Bank, which was originally founded in 1857, offers banking and wealth management services through 33 community banking offices and one loan office in Pennsylvania and Maryland. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states.
The company's common stock repurchases are expected to be funded using available capital. The amount and timing of the shares repurchased will be determined by management and will depend on various factors, including the company's capital position, liquidity, financial performance, market conditions, and legal and regulatory requirements.
It's important to note that this announcement comes as a part of ACNB Corporation's efforts to enhance shareholder value and optimize its capital structure. The market has reacted to these announcements by moving the company's shares 2.83% to a price of $41.43. For more information, read the company's full 8-K submission here.
