COMMUNITY
2019 ANNUAL REVIEW
TO BE THE INDEPENDENT FINANCIAL
SERVICES PROVIDER OF CHOICE IN THE CORE
MARKETS SERVED BY BUILDING RELATIONSHIPS
AND FINDING SOLUTIONS.
OURVISION
\ VETERANS MEMORIAL BRIDGE, PA
\ GETTYSBURG, PA
FREDERICK, MD /
REPORT
TO SHAREHOLDERS
A community is composed of many different facets.
These facets reflect the past, present and future of the
community. At ACNB Corporation and its subsidiaries,
community is at the core of our organization as it has
been since its origins in 1857 with the mission of serving
the financial needs of local depositors and borrowers.
Our footprint now encompasses many communities
after more than 160 years, but the commitment
to community is as true and vibrant today at the
Corporation’s subsidiaries of ACNB Bank and Russell
Insurance Group, Inc.
\ VETERANS MEMORIAL BRIDGE BETWEEN YORK COUNTY, PA,
AND LANCASTER COUNTY, PA
3
2019 ANNUAL REVIEW The New Year of 2020
At the current time, in March 2020, we look back on
the first two months of the year. Much has happened at
ACNB Corporation since January 1, 2020.
for 2019 and 2018, respectively. These strong financial
results reflect the Corporation’s long-term focus on
building shareholder value through profitable organic
and inorganic growth opportunities.
YORK COUNTY, PA /
Effective January 11, 2020, the Corporation completed
the acquisition of Frederick County Bancorp, Inc. and
its wholly-owned subsidiary, Frederick County Bank,
headquartered in Frederick, Maryland. Strategically, this
acquisition complements ACNB Corporation’s banking
and insurance operations with expansion into a diverse
and growing market adjacent to the Corporation’s
footprint in southcentral Pennsylvania and central
Maryland. To build upon the strong community focus
of Frederick County Bank and to transition to the next
chapter for the customers served in this market, ACNB
Bank now operates in the Frederick County, Maryland,
market under the brand of FCB Bank, A Division of ACNB
Bank. As a result of this acquisition, upon the effective
date, ACNB Corporation had $2.2 billion in assets,
$1.8 billion in deposits, and $1.6 billion in loans with
34 community banking offices and three loan offices
located in the counties of Adams, Cumberland, Franklin,
Lancaster and York in Pennsylvania and the counties of
Baltimore, Carroll and Frederick in Maryland.
On February 15, 2020, Frank Elsner, III, retired as Chairman
of the Boards of Directors of ACNB Corporation and
ACNB Bank due to the demands of his growing business.
Mr. Elsner provided valuable leadership and guidance to
both the Corporation and the Bank in the capacity of
Chairman of the Board since 2013. He will continue to
serve our organization with roles as Director of ACNB
Corporation and ACNB Bank, as well as Vice Chairman
of the Board of Directors of Russell Insurance Group, Inc.
In accepting Mr. Elsner’s retirement, the Boards of
Directors of ACNB Corporation and ACNB Bank elected
Alan J. Stock to be Chairman of the Board of both
entities effective February 15, 2020. Mr. Stock has been
a member of the Corporation’s and the Bank’s Boards of
Directors since 2005 and, most recently, served as Vice
Chairman of both Boards of Directors since 2013. As we
look to the future, Mr. Stock’s past experiences as a leader
in the local business community will continue to benefit
the Corporation and its stakeholders.
2019 Financial Performance
ACNB Corporation reported a 9% increase in earnings
for 2019, another record year and the second full year
of operations after the successful acquisition of New
Windsor Bancorp, Inc. as of July 1, 2017. Net income
was $23,721,000 for the year ended December 31, 2019,
as compared to $21,748,000 as of December 31, 2018.
On a per share basis, net income was $3.36 and $3.09
4
The principal component of ACNB Corporation’s net
income is net interest income. This fundamental source of
revenue is the income derived from the interest earned on
loans and investments, less the interest paid on deposits
and borrowings. Net interest income is impacted by
changes in interest rates, the volume of interest earning
assets and interest bearing liabilities, and the composition
of these assets and liabilities. By its inherent nature, this
income source is predominantly influenced by market
interest rates, local economic conditions, stock market
impacts, and competitive market dynamics.
In 2019, net interest income totaled $59,418,000. This is
an increase of $2,323,000, or 4%, in comparison to net
interest income of $57,095,000 in 2018, while the net
interest margin remained steady at 3.81% from year to
year despite the lowering of the Fed Funds Rate by the
Federal Reserve’s Open Market Committee three times
during 2019 for a total of 75 basis points to a range of
1.50% to 1.75%.
Other income rose by $2,221,000, or 14%, to a total of
$18,169,000 for 2019, compared to $15,948,000 for
2018. The increase includes positive revenue contributions
from both ACNB Bank’s wealth management services
and Russell Insurance Group, Inc.’s insurance operations,
which grew 4% and 14%, respectively, from the
year ended December 31, 2018, to the year ended
December 31, 2019.
Other expenses increased by $2,918,000, or 7%, to a total
of $47,621,000 for 2019, compared to $44,703,000 for
2018. The increase is primarily attributable to salaries
and employee benefits, but also includes $769,000 in
merger-related expenses for 2019.
Total assets of ACNB Corporation at December 31, 2019,
were $1,720,253,000. Total loans decreased by 2% to
$1,272,601,000, as compared to December 31, 2018,
primarily due to intense competition in the markets
served. Total deposits rose by 5% to $1,412,260,000
over the prior year with the increase concentrated in
interest bearing accounts for individual, commercial and
municipal customers.
Shareholder Dividends & Equity
Shareholders, the majority of which are from the
Corporation’s communities, benefit from the organization’s
success and ACNB Corporation’s history of paying a solid
and stable quarterly cash dividend on its common stock
for decades through times of both economic expansion
and recession. In 2019, ACNB Corporation shareholders
were rewarded with another increase in the quarterly
cash dividend amount from $0.23 per share to $0.25 per
share effective with the payment of the cash dividend
on June 14, 2019—resulting in a total dividend paid of
$0.98 per share for the year. Aggregate dividends paid
to all shareholders totaled $6,920,000 for 2019, which
is an increase of 11%. In 2018, ACNB Corporation paid
an $0.89 dividend per share for total dividends paid to
shareholders in the amount of $6,261,000. Over the last
two-year period, the quarterly cash dividend amount has
risen by 25% from $0.20 per share to $0.25 per share as
the Corporation grows.
At December 31, 2019, total stockholders’ equity
was $189,516,000. As compared to $168,137,000 at
December 31, 2018, this is an increase of $21,379,000, or
13%, due to earnings retained in capital in 2019 and new
shares of common stock from dividend reinvestment.
Continued capital enhancement is fundamentally
dependent upon sustained and strong earnings over time.
The ACNB Corporation Dividend Reinvestment and
Stock Purchase Plan offers registered shareholders
the opportunity to purchase additional shares of the
Corporation’s common stock through the automatic
reinvestment of cash dividends and voluntary cash
payments on a quarterly basis. The benefit to the
registered shareholders who elect to participate in the
plan includes the convenience of the acquisition of
additional shares of ACNB Corporation common stock,
as well as the ability to do so without paying service fees
or brokerage commissions. Since the plan’s introduction in
January 2011, 170,596 new shares of ACNB Corporation
common stock, totaling approximately $3,800,000 in
plan investments, have been issued to plan participants as
a result of both dividend reinvestment and voluntary cash
purchases, which continue to fortify the Corporation’s
equity position.
ACNB Bank
ACNB Corporation’s community banking subsidiary,
ACNB Bank, operates in both southcentral Pennsylvania
and central Maryland with strategic market expansion
across the Mason-Dixon Line beginning in 2017. The
most recent acquisition of Frederick County Bancorp,
Inc. and its subsidiary bank, Frederick County Bank, as of
January 11, 2020, further strengthened the Corporation’s
position in the Maryland market, which also includes the
Corporation’s other wholly-owned subsidiary, Russell
Insurance Group, Inc. ACNB Bank’s community banking
operations in the Maryland market are branded as
FCB Bank, A Division of ACNB Bank, and NWSB Bank,
A Division of ACNB Bank, with five and seven offices
serving customers in the Frederick County and Carroll
County markets, respectively. All ACNB Bank customers
can conduct transactions at any of the community
banking offices located in Pennsylvania and Maryland.
The Corporation’s commitment to the community
banking model is fundamentally predicated upon the
reinvestment of depositors’ dollars in loans to others for
the economic benefit of the communities served.
5
ACNB CORPORATION2019 ANNUAL REVIEW \ LANCASTER, PA
On May 20, 2019, ACNB Bank opened the Lancaster
Loan Office in Lancaster County, Pennsylvania, which
is a natural extension of the Bank’s footprint across
the Susquehanna River from York. This area’s robust
business sector, coupled with an experienced commercial
lender, provides a strategic opportunity to leverage
the Bank’s ability to contribute to the success of mid-
sized companies and small businesses through proven
customer relationship management and competitive
products and services.
A new initiative to grow core deposits and to build
customer relationships was launched in late 2018, and
continued to be a key focus in 2019. With the introduction
of Advantage Rewards Checking for personal customers,
ACNB Bank furthered its commitment to serving the
financial needs of customers while also providing
benefits and rewards to assist customers in their daily
lives. Advantage Rewards Checking benefits include
cell phone protection, personal identity theft assistance,
roadside assistance, travel accidental death insurance,
and savings on pharmacy, vision and hearing services.
Plus, there are money-saving discounts from national
retailers. But, most importantly, ACNB Bank works with
local merchants in its markets to provide Bank customers
with rewards for shopping locally—all accessible via a
convenient mobile app.
Competition remains keen in the banking industry for
both loans and deposits. This competition encompasses
local banks and credit unions, nonbank entities, and online
providers of financial services. As with all community
banks, the growth and quality of ACNB Bank’s loan
and deposit portfolios is basic to the ongoing success
of the organization and its commitment to safety and
soundness for the benefit of all stakeholders.
ACNB Bank employees also demonstrate their
commitment to the communities in which they live and
work through volunteerism and community involvement.
In 2019, the Bank’s employees supported 183 community
organizations by collectively contributing more than
7,600 volunteer hours in the Bank’s market areas. The
community banking offices served as collection points
for toys, school supplies, and food items to benefit local
organizations. Additionally, ACNB Bank employees
delivered financial literacy presentations in 2019 to
nearly 1,000 students and adults, educating them on the
importance of developing sound financial skills for life.
Wealth Management
ACNB Bank introduced the Wealth Management Division,
composed of Trust & Investment Services staff and
Wealth Advisors, in 2018 and continued its development
and market coverage in 2019. Trust & Investment Services
staff provide fiduciary, estate, investment and related
services to clients. Assets under management totaled
$257,025,000 at December 31, 2019, up 11% compared
to $231,514,000 at December 31, 2018.
Through a third-party relationship, ACNB Bank offers
retail brokerage services, including non-deposit
investment products, using the brands of ACNB Wealth
Advisors and Windsor Wealth Advisors. Assets under
management in the brokerage portfolio totaled
$132,023,000 at December 31, 2019, up 20% compared
to $109,982,000 at December 31, 2018.
Total revenues from fiduciary, investment management
and brokerage activities were $2,469,000 for the
year ended December 31, 2019, an increase of 4% in
comparison to the year ended December 31, 2018, due
primarily to the higher levels of assets under management
in the Wealth Management Division.
Boards of Directors of ACNB Corporation and ACNB
Bank. Ms. Chaney was a member of the Frederick County
Bancorp, Inc. and Frederick County Bank Boards of
Directors since 2013 and, most recently, served as
Chairman of the Board for both of these entities. She
is a CPA with more than 30 years of experience and
owns an accounting practice specializing in services and
consulting for small businesses in Frederick, Maryland.
Ms. Chaney’s knowledge of the Frederick market will
prove valuable in the execution of the Corporation's long-
term strategic plan.
Russell Insurance Group, Inc.
On September 1, 2019, Frank C. Russell, Jr., the
Chief Executive Officer of Russell Insurance Group,
Inc., the insurance subsidiary of ACNB Corporation,
retired after founding and leading this organization
since 1978. Under his tenure, Mr. Russell grew the
insurance agency operations through client referrals,
specialized insurance programs, and agency and book
purchases. His successor, Mark A. Westcott, joined
Russell Insurance Group, Inc. in March 2019 as
President, then also assumed the title of Chief Executive
Officer upon Mr. Russell’s retirement.
Acquired by ACNB Corporation in 2005, Russell
Insurance Group, Inc. is a full-service insurance agency
offering a broad range of property, casualty, health, life
and disability insurance to both personal and commercial
clients through licenses in 44 states. The agency is based
in Westminster, Carroll County, Maryland. It also conducts
business at office locations in Germantown, Montgomery
County, and Jarrettsville, Harford County, Maryland.
Revenues from this subsidiary’s commissions from
insurance sales is the most significant source of other
income for ACNB Corporation. Commissions from
insurance sales totaled $6,339,000 for the year of 2019,
as compared to $5,550,000 for the year of 2018. The
year-over-year rise of 14% is primarily attributable to
increased personal and commercial lines commission
income as a result of book purchase activity in late 2018
and 2019.
Board of Directors
Director J. Emmett Patterson recently announced
his retirement from the Boards of Directors of both
ACNB Corporation and ACNB Bank effective May 5,
2020, in conjunction with the 2020 Annual Meeting of
Shareholders. To him, we owe our sincere thanks for his
commitment to our organization since 2012.
In Closing
Community is about people, and ACNB Corporation
is in the business of serving and helping people with
their financial needs. Our business is one built upon
relationships and trust. Community is built upon the
attribute of unity, incorporating distinct segments
to make a stronger whole. The many facets of our
communities are illuminated in the diverse landscapes,
as well as embodied in the people who live and work in
these communities.
ACNB Corporation has a long history of commitment to
the communities shared with its employees, customers,
and shareholders. In gratitude, we recognize those
who contribute to ACNB Corporation’s vision to be the
independent financial services provider of choice in
the core markets served by building relationships and
finding solutions.
Sincerely,
Alan J. Stock
Chairman of the Board
James P. Helt
President & Chief Executive Officer
Lynda L. Glass
Executive Vice President/Secretary & Chief Governance Officer
As of January 11, 2020, with the acquisition of Frederick
County Bancorp, Inc., Kimberly S. Chaney joined the
David W. Cathell
Executive Vice President/Treasurer & Chief Financial Officer
6
7
ACNB CORPORATION2019 ANNUAL REVIEW PROFILE
& GEOGRAPHY
ACNB Corporation, headquartered in Gettysburg, PA, is the
financial holding company for the wholly-owned subsidiaries
of ACNB Bank, Gettysburg, PA, and Russell Insurance Group,
Inc., Westminster, MD.
As of December 31, 2019, ACNB Bank serves its marketplace with banking and wealth
management services, including trust and retail brokerage, via a network of 22 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.
For more information regarding ACNB Corporation and its subsidiaries, please visit acnb.com.
CUMBERLAND
LANCASTER
FRANKLIN
ADAMS
YORK
PENNSYLVANIA
CARROLL
MARYLAND
FREDERICK
BALTIMORE
HARFORD
MONTGOMERY
LOCATIONS
ACNB Corporation Operations Center
ACNB Bank
FCB Bank
NWSB Bank
Russell Insurance Group, Inc.
ACNB Bank Loan Office
Visit acnb.com and riginsurance.com for specific locations.
2019 ANNUAL REVIEW
9
FINANCIAL HIGHLIGHTS
FINANCIAL OVERVIEW
FOR THE YEAR
Net Interest Income
Net Income
Cash Dividends Paid
PER SHARE STATISTICS
Basic Earnings
Cash Dividends Paid
Book Value (Year-End)
AT YEAR-END
Total Assets
Total Loans
Total Deposits
Total Stockholders’ Equity
KEY RATIOS
Return on Average Assets
Return on Average Equity
Dividend Payout
Average Stockholders’ Equity to Average Assets
2019
2018
2017
TOTAL ASSETS / IN MILLIONS OF DOLLARS
TOTAL DEPOSITS / IN MILLIONS OF DOLLARS
$59,418,000
$57,095,000
$46,352,000
23,721,000
6,920,000
21,748,000
9,788,000
*
6,261,000
5,233,000
$ 3.36
0.98
26.77
$ 3.09
0.89
23.86
$ 1.50
0.80
21.92
$1,720,253,000
$1,647,724,000
$1,595,432,000
1,272,601,000
1,302,465,000
1,244,170,000
1,412,260,000
1,348,092,000
1,298,492,000
189,516,000
168,137,000
153,966,000
1.40%
13.33%
29.17%
10.54%
1.34%
13.62%
28.79%
9.85%
0.69%
7.12%
53.46%
9.69%
$1,147.9
$1,206.3
$1,595.4
$1,647.7
$1,720.3
$913.0
$967.6
$1,298.5
$1,348.1
$1,412.3
2015
2016
2017
2018
2019
2015
2016
2017
2018
2019
TOTAL LOANS / IN MILLIONS OF DOLLARS
TOTAL STOCKHOLDERS’ EQUITY / IN MILLIONS OF DOLLARS
$853.0
$907.9
$1,244.2
$1,302.5
$1,272.6
$114.7
$120.1
$154.0
$168.1
$189.5
2015
2016
2017
2018
2019
2015
2016
2017
2018
2019
NET INCOME / IN MILLIONS OF DOLLARS
BOOK VALUE PER SHARE / IN DOLLARS
*Without the nonrecurring expenses incurred as a result of the acquisition and integration of New Windsor Bancorp, Inc., net of the
corresponding tax impact at the marginal tax rate, in the amount of $3,010,000 and the one-time charge due to the Tax Cuts and Jobs
Act in the amount of $1,700,000, ACNB Corporation’s net income for the year ended December 31, 2017, would have been $14,498,000.
$11.0
$10.9
$9.8/$14.5*
$21.7
$23.7
$18.99
$19.80
$21.92
$23.86
$26.77
2015
2016
2017
2018
2019
2015
2016
2017
2018
2019
10
11
ACNB CORPORATION2019 ANNUAL REVIEW CONSOLIDATED STATEMENTS OF CONDITION
CONSOLIDATED STATEMENTS OF INCOME
/ DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
/ DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
ASSETS
Cash and due from banks
Interest bearing deposits with banks
Total Cash and Cash Equivalents
Equity securities with readily determinable fair values
Debt securities available for sale
Securities held to maturity (fair value $19,281 in 2019 and $26,911 in 2018)
Loans held for sale
Loans, net of allowance for loan losses ($13,835 in 2019 and $13,964 in 2018)
Premises and equipment
Right of use assets
Restricted investment in bank stocks
Investment in bank-owned life insurance
Investments in low-income housing partnerships
Goodwill
Intangible assets
Foreclosed assets held for resale
Other assets
TOTAL ASSETS
LIABILITIES
Deposits
Non-interest bearing
Interest bearing
Total Deposits
Short-term borrowings
Long-term borrowings
Lease liabilities
Other liabilities
TOTAL LIABILITIES
STOCKHOLDERS’ EQUITY
Preferred stock ($2.50 par value; 20,000,000 shares authorized; no shares outstanding)
Common stock ($2.50 par value; 20,000,000 shares authorized; 7,141,959 and 7,108,620 shares issued
in 2019 and 2018, respectively; 7,079,359 and 7,046,020 shares outstanding in 2019 and 2018, respectively)
Treasury stock, at cost (62,600 shares in 2019 and 2018)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
TOTAL STOCKHOLDERS’ EQUITY
DECEMBER 31
2019
$ 16,878
97,478
114,356
2,106
190,837
19,234
2,406
1,258,766
25,724
3,502
3,644
50,663
1,506
19,580
4,427
364
23,138
2018
$ 20,105
20,800
40,905
1,839
161,730
27,266
408
1,288,501
26,409
—
4,336
48,003
1,871
19,580
4,407
155
22,314
$ 1,720,253
$ 1,647,724
$ 314,377
1,097,883
1,412,260
33,435
66,296
3,502
15,244
$ 302,394
1,045,698
1,348,092
34,648
83,516
—
13,331
1,530,737
1,479,587
—
—
17,855
(728)
39,579
138,663
(5,853)
189,516
17,772
(728)
38,448
121,862
(9,217)
168,137
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$ 1,720,253
$ 1,647,724
See the consolidated financial statements and accompanying notes presented in the Corporation’s Annual Report on Form 10-K.
12
INTEREST INCOME
Loans, including fees
Securities
Taxable
Tax-exempt
Dividends
Other
TOTAL INTEREST INCOME
INTEREST EXPENSE
Deposits
Short-term borrowings
Long-term borrowings
TOTAL INTEREST EXPENSE
NET INTEREST INCOME
PROVISION FOR LOAN LOSSES
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
OTHER INCOME
Commissions from insurance sales
Service charges on deposit accounts
Income from fiduciary, investment management and brokerage activities
Earnings on investment in bank-owned life insurance
Gain on life insurance proceeds
Net gains on sales or calls of securities
Net gains (losses) on equity securities
Service charges on ATM and debit card transactions
Other
TOTAL OTHER INCOME
OTHER EXPENSES
Salaries and employee benefits
Net occupancy
Equipment
Other tax
Professional services
Supplies and postage
Marketing and corporate relations
FDIC and regulatory
Merger-related expenses
Intangible assets amortization
Foreclosed real estate expenses
Other operating expenses
TOTAL OTHER EXPENSES
INCOME BEFORE INCOME TAXES
PROVISION FOR INCOME TAXES
NET INCOME
PER SHARE DATA
Basic earnings
Cash dividends paid
YEARS ENDED DECEMBER 31
2019
$ 63,653
2018
$ 59,593
4,183
140
328
1,254
69,558
8,129
94
1,917
10,140
59,418
600
58,818
6,339
3,903
2,469
1,160
—
—
267
2,444
1,587
18,169
28,798
3,094
4,771
1,086
1,772
747
559
436
769
621
12
4,956
47,621
29,366
5,645
3,735
219
299
648
64,494
5,253
59
2,087
7,399
57,095
1,620
55,475
5,550
3,350
2,364
1,068
52
85
(296)
2,375
1,400
15,948
26,734
2,971
4,959
902
1,468
766
565
688
—
745
129
4,776
44,703
26,720
4,972
$ 23,721
$ 21,748
$3.36
$0.98
$3.09
$0.89
13
ACNB CORPORATION2019 ANNUAL REVIEW BOARDS OF DIRECTORS
ACNB CORPORATION AND ACNB BANK
Alan J. Stock
Retired Owner & President
Eicholtz Company
Chairman of the Board
ACNB Corporation and ACNB Bank
Richard L. Alloway II, Esquire
Principal
Alloway Law Office
Kimberly S. Chaney
Owner
Kimberly S. Chaney, CPA LLC
Frank Elsner, III
Owner & Managing Director
ODT Global, LLC
James P. Helt
President & Chief Executive Officer
ACNB Corporation and ACNB Bank
Todd L. Herring
Market Director
Pivot Health Solutions
Scott L. Kelley, Esquire
Partner
Barley Snyder LLP
James J. Lott
President
Bonnie Brae Fruit Farms, Inc.
Donna M. Newell
President & Chief Executive Officer
NTM Engineering, Inc.
RUSSELL INSURANCE GROUP, INC.
J. Emmett Patterson
Owner & President
JDCS Enterprise &
Fry Guy Corporation
Daniel W. Potts
Client Executive
DXC Technology
D. Arthur Seibel, Jr.
Retired Chief Operating Officer
Springdale Preparatory School
David L. Sites
Owner
Sites Realty, Inc. and Realty
Leasing & Management Co.
Thomas A. Ritter
Retired President &
Chief Executive Officer
ACNB Corporation and ACNB Bank
James E. Williams
President
C.E. Williams Sons, Inc.
Managing Partner
Frantz Plumbing LLC
Marian B. Schultz
Retired Dean
Shippensburg University
OFFICERS
ACNB BANK
James P. Helt
President & Chief Executive Officer
David W. Cathell
Executive Vice President/Treasurer
& Chief Financial Officer
Lynda L. Glass
Executive Vice President/
Secretary and Chief Risk &
Governance Officer
Douglas A. Seibel
Executive Vice President/
Chief Lending & Revenue Officer
Kathy S. Hansel
Senior Vice President/
Principal Accounting Officer
Thomas R. Stone
Executive Vice President/
Chief Community Banking Officer
Kevin J. Hayes
Senior Vice President/
General Counsel
Mark P. Bernier
Senior Vice President/
Wealth Management Officer
Andrew P. Heck
Senior Vice President/
Regional Commercial
Lending Manager
Lisa A. Monthley
Senior Vice President/
Regional Sales Manager
Michelle N. Paulnock
Senior Vice President/
Information Systems Manager
Laurie A. Laub
Executive Vice President/
Chief Credit & Operations Officer
Sandra A. Deaner
Senior Vice President/
Human Resources Manager
Tom N. Rasmussen
Executive Vice President/
Maryland Market President
Denise Guyton-Boyer
Senior Vice President/
Commercial Loan Officer
Thomas A. Ritter
Chairman of the Board
Frank Elsner, III
Vice Chairman
Lynda L. Glass
James P. Helt
Scott L. Kelley, Esquire
Daniel W. Potts
Alan J. Stock
First Vice Presidents
Karen B. Arthur
Barry C. Dillman
Scott E. Hartlaub
Dennis R. Hollinger
Laura L. McCusker
OFFICERS
ACNB CORPORATION
James P. Helt
President & Chief Executive Officer
Lynda L. Glass
Executive Vice President/Secretary
& Chief Governance Officer
David W. Cathell
Executive Vice President/Treasurer
& Chief Financial Officer
\ FREDERICK, MD
Vice Presidents
Brian T. Adair
Daniel K. Baer
James W. Bear
Duane E. Bock
Dawn M. Bornman
Sarah E. Brechbuehl
Michael S. Burrier
Cara Lynn Clabaugh
Kevin L. Cook
Lori C. Cromwell
David W. Deaner
Carolyn M. Dull
Assistant Vice Presidents
Eric L. Alleman
Susan L. Behm
Tonya A. Boczek
Amber R. Bowers
Andree V. Dennis
Kacie N. Dillman
Kellie J. Doherty
Corey V. Dorsey
Shawn D. Epling
Stephanie N. Fitch
Andrea D. Foore
Tiffany M. Faust
Heather N. Gormont
Christopher D. Grimm
Barbara D. Guise
Victoria D. Hale
Vickie L. Hoffheins
Thomas A. Holmes
Grant J. Holub
John D. Husser
Tammie S. Jones
John E. Kashner
Frank E. Koser II
Jacqueline A. Grasley
Nancy L. Hamilton
Ginny L. Huntsberry
Holly A. Keffer
Douglas R. Lindsay
Michael E. Lippy
George F. Marguglio
Julie A. Marshall
Joey L. Martin
Heather D. Masgalas
Sylvia E. Mason
RUSSELL INSURANCE GROUP, INC.
Gregory S. Liegey
Nathan E. Lightner
Leslie R. Metzger
Celeste M. Miller
Scott A. Miller
Lauren J. Muzzy
Timothy H. Owings
Adnan Pasic
Jacob R. Price
Yvonne M. Reeder
Matthew A. Rickeman
Michael W. Rittase
Lauren E. McMullen
Lisa M. Miller
Stanley E. Miller
Nicole D. Mooney
Brian M. Neely
Zachary K. Pretty
Susan M. Saylor
Sara M. Sciarretta
Sonali J. Shah
Angela M. Sibert
Lisa A. Smith
Gary W. Rappoldt
Senior Vice President/
Regional Commercial
Lending Manager
Lauren L. Shutt
Senior Vice President/
Risk Manager
Wayne A. Steinour
Senior Vice President/
Agribusiness Lending Manager
Harry L. Weetenkamp, Jr.
Senior Vice President/
Regional Commercial
Lending Manager
Merle J. Zehr
Senior Vice President/
Regional Commercial
Lending Manager
Linda S. Roth
Patrick O. Sease
Christine R. Settle
James E. Showvaker
Kristen R. Snow
Kristie L. Stottlemyer
Jennifer A. Tyler
Kathleen P. Wagner
Rhonda L. Winterstein
Christina D. Ziser
Anthony A. Spangler
Jeffrey B. Stambaugh
Morgan A. Stevenson
Ruby L. Sullivan
Brian C. Taylor
Gerald L. Waytashek
Steven M. Williams
Tracy L. Wolf
Mark A. Westcott
President & Chief Executive Officer
Daniel J. Coughlin
Vice President & General Manager
David W. Cathell
Vice President & Treasurer
Lynda L. Glass
Vice President & Secretary
15
2019 ANNUAL REVIEW SHAREHOLDER INFORMATION
2020 ANNUAL MEETING
The Annual Meeting of Shareholders for
ACNB Corporation will be held on Tuesday,
May 5, at 1:00 p.m. at the ACNB Corporation
Operations Center, 100 V-Twin Drive,
Gettysburg, PA. All proxy and other materials
for the Annual Meeting are available at
investor.acnb.com.
STOCK LISTING
ACNB Corporation common stock is listed
and traded on The NASDAQ Capital Market
under the symbol ACNB.
ANNUAL REPORT ON FORM 10-K
A copy of ACNB Corporation’s Annual Report
on Form 10-K, as filed with the Securities
and Exchange Commission, may be obtained,
without charge, by contacting:
Lynda L. Glass
Executive Vice President/
Secretary & Chief Governance Officer
ACNB Corporation
P.O. Box 3129
Gettysburg, PA 17325
717.339.5085
The Annual Report and other Corporation
reports are also filed electronically with
the Securities and Exchange Commission
and are accessible by the public at
sec.gov/edgar.shtml.
CONTACT INFORMATION
TRANSFER AGENT,
REGISTRAR AND DIVIDEND
DISBURSING AGENT
Computershare Shareholder Services
P.O. Box 505000
Louisville, KY 40233-5000
computershare.com/investor
For shareholder inquiries or information
regarding the ACNB Corporation Dividend
Reinvestment and Stock Purchase Plan, call
Computershare toll free at 1.800.368.5948.
ACNB BANK
acnb.com
FCB BANK
fcbmd.com
NWSB BANK
nwsbbank.com
RUSSELL INSURANCE GROUP, INC.
riginsurance.com
Customer Contact Center
Toll Free 1.888.334.ACNB (2262)
Customer Contact Center
Toll Free 1.844.413.5463
Customer Contact Center
Toll Free 1.844.822.NWSB (6972)
Toll Free 1.800.289.4097
YORK, PA /
24-Hour Telephone Banking Line
Toll Free 1.888.338.ACNB (2262)
24-Hour Telephone Banking Line
Toll Free 1.877.236.1485
24-Hour Telephone Banking Line
Toll Free 1.866.276.4979
FORWARD-LOOKING STATEMENTS
In addition to historical information, this document contains 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 on
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.
COVER / CHAMBERSBURG, PA; LANCASTER COUNTY, PA; GETTYSBURG, PA
16
\ CARROLL COUNTY, MD
ACNB CORPORATION COMMITTED TO YOU
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