York's Traditions Bank to be acquired by Gettysburg-based ACNB

York-based Traditions Bank, which was founded in 2002 as a community bank, will been acquired next year by ACNB, a Gettysburg-based bank that dates to before the Civil War, according to a news release.

The all-stock deal is described as a "strategic acquisition" that "will result in a premier community bank that is locally headquartered, managed, and focused," states the news release. The combined banks are expected to have assets of $3.3 billion.

Eugene Draganosky, Traditions Bank's chairman and CEO, was quoted in the news release as saying the two financial institutions "share common cultures, values, vision and operating philosophies of what a community bank can and should be in today's ever-changing business environment."

James Helt, president and CEO of ACNB, said the move is intended to provide "the resources to expand our presence in York County and enhance our penetration in the vibrant and demographically compelling Lancaster County market."

Three members of Traditions Bank's will serve on the executive team, according to the press release. Draganosky will serve as vice chair of ACNB's board of directors. Traditions' President Thomas Sposito II will serve as president of ACNB's Traditions Bank division, and Traditions founder Michael Kochenour will serve as director emeritus.

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Traditions Bank, which operates eight branches in York and Lancaster counties, listed assets of $859 million at the end of June. Its branches will be rebranded as Traditions Bank, A Division of ACNB Bank," according to the news release. The bank's current Pauline Drive administrative headquarters will continue to serve as a regional sales and operations center.

ACNB, founded in 1857 in Gettysburg, has assets totaling $2.46 billion and had a network of 26 offices in central Pennsylvania and northern Maryland.

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The acquisition is expected to close in the first quarter of 2025, the news release states.

For more information about the two banks, visit their websites at acnb.com and traditions,bank . More details of the transaction can be found at the Securities and Exchange Commission's website.

This article originally appeared on York Daily Record: York's Traditions Bank to be acquired by Gettysburg-based ACNB