ACNB Corporation announces retirement of CFO

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GETTYSBURG, Pa., September 23, 2021 (GLOBE NEWSWIRE) – ACNB Corporation (NASDAQ: ACNB), financial holding company of ACNB Bank and Russell Insurance Group, Inc., announces that David W. Cathell, Executive Vice President / Treasurer and Chief Finance of ACNB Corporation and ACNB Bank, intends to step down from all of his positions within the Company and its subsidiaries as of the close of business on May 31, 2022. In addition to the positions of Mr. Cathell within ACNB Corporation and ACNB Bank, he is Vice President and Treasurer of Russell Insurance Group, Inc. Mr. Cathell, 67, joined the organization in 2005 and was appointed CFO in 2007 .

“Sir. Cathell has been with ACNB Corporation for 16 years. During this time he has dedicated his professional life to the Company as the Bank and the Insurance Agency have grown and evolved,” said James P. Helt, President and CEO of ACNB Corporation and ACNB Bank. “His experience and knowledge of financial institutions has contributed to our successes, including community bank acquisitions in Maryland in 2017 and 2020. We are sincerely grateful for his dedication and service over these years, and wish him the best as he looks forward to retirement. “

In line with the long-term succession plans of the management of ACNB Corporation and ACNB Bank, Kaplan Partners, an executive search and board consulting firm based in the suburbs of Philadelphia, was selected to launch a full formal search to identify a successor for Mr. Cathell’s CFO position. Mr. Cathell will continue to serve in his positions with ACNB Corporation and its subsidiaries throughout the research process, as well as assist with the subsequent transition.

ACNB Corporation, headquartered in Gettysburg, PA, is the $ 2.7 billion financial holding company of wholly owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance Group, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank provides banking and wealth management services, including trust and retail brokerage services, to its market through a network of 20 community banking offices, located in the four central counties. -south Pennsylvania 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 market with a network of five and six community banking offices located in Frederick County and Carroll County, Maryland, respectively. Russell Insurance Group, Inc., the Company’s insurance subsidiary, is a full-service agency with licenses in 44 states. The agency offers a wide range of P&C, health, life and disability insurance services to personal and business clients through offices in Westminster, Germantown and Jarrettsville, MD, and Gettysburg, PA. For more information on ACNB Corporation and its subsidiaries, please visit acnb.com.

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 losses per share, composition and quality of assets, growth prospects, capital structure, and other financial conditions, (b) statements of plans and objectives of management or the board of directors, and (c ) statements of assumptions, such as economic conditions in the Company’s market areas. These forward-looking statements may be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, any of the foregoing or other variations thereof or comparable terminology. , or through a discussion of the 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 forward-looking statements. These 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 government and tax policies, as well as legislative and regulatory changes ; the effects of new laws and regulations, in particular the impact of the Law on Supplementary Appropriations for Coronavirus Response and Relief, the Law on Aid, Relief and Economic Security for Coronaviruses, the Law on Coronavirus Tax Cuts and Jobs and the Dodd-Frank Reform of Wall Street and Consumer Protection Act; impacts of Basel III capital and liquidity requirements; the effects of changes in accounting policies and practices, as they may be adopted by regulators, as well as by the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of 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 public debt limit or a prolonged federal government shutdown; the effects of economic conditions, in particular with regard to the negative impact of the severe, widespread and continuing disruptions caused by the spread of the 2019 coronavirus disease (COVID-19) and the responses thereto on the operations of the Company and current customers, in particular the effect of the economy on the repayment capacity of borrowers; the effects of competition and changes in competition laws and regulations, including industry consolidation and the development of competitive 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 guarantees, securities and interest rate protection agreements, as well as interest rate risks ‘interest; difficulties in acquisitions and the integration and operation of acquired businesses, including difficulties related to information technology; the challenges of establishing and maintaining operations in new markets; the effects of technological change; volatility in securities markets; the effect of general economic conditions and more particularly in the Company’s market areas; the failure of the assumptions underlying the constitution of loan loss reserves and estimates of the values ​​of guarantees 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 some key leaders; the ability to maintain the value and image of the Company’s brand and to protect the Company’s intellectual property rights; ongoing relationships with major clients; and, the potential impacts on Society from the ever-changing cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial loss. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis at that date. The Company does not revise or update these forward-looking statements to reflect events or changes in circumstances. Please carefully review the risk factors described in other documents that the Company files from time to time with the SEC, including Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review all current reports on Form 8-K filed by the company with the SEC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49260401-d13d-4126-8f02-abb15d8fe204

The photo is also available on Newscom, www.newscom.com and via AP PhotoExpress.

Contact: Lynda L. Glass
Executive Vice President / Secretary &
Head of Governance
717.339.5085
[email protected]

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