ACNB Corporation, through its unit ACNB Insurance Services, has finalised the deal to buy business and assets of Hockley & O’Donnell Insurance Agency.
Financial terms of the transaction were not revealed.
The takeover of Gettysburg, Pennsylvania-based Hockley boosts ACNB Insurance Services’ gross premium dollars by nearly 30%.
The acquired entity has been rebranded as ACNB Insurance Services, with effect from 1 January of this year.
This deal strengthens ACNB Insurance Services’ reach in the greater Adams County, Pennsylvania.
It is said to be ACNB Insurance Services’ most recent purchase of a “book of insurance business”.
Commenting on the deal, ACNB Corporation president and CEO James Helt said: “It is our intent to leverage this acquisition for increased synergies and revenue across both the insurance and banking subsidiaries.
“For ACNB Corporation shareholders, this means further value and return on their investment as we execute plans for strategic growth and solidify our position as the financial services provider of choice in the core markets served.”
ACNB Insurance Services caters to both personal and commercial clients, providing them health, life, property, casualty, as well as disability insurance services.
The firm has licences in 44 states, with offices in Westminster, Germantown and Jarrettsville, Maryland, and Gettysburg.
In 2005, ACNB Corporation snapped up Maryland’s Russell Insurance Group.
Since then, the agency bolstered its reach through takeovers as well as organic growth.