ACNB Corporation Announces Updated Loan Modification and Deferral Information
GETTYSBURG, Pa., Sept. 24, 2020 (GLOBE NEWSWIRE) -- ACNB Corporation (NASDAQ: ACNB) announced that its wholly-owned banking subsidiary, ACNB Bank, has experienced a substantial decrease in the
number and amount of loans subject to temporary modification or deferral due to the economic impacts of the Coronavirus Disease 2019 (COVID-19) pandemic. As of June 30, 2020, ACNB Bank reported
approved loan modifications and deferrals for 466 loans totaling $234.6 million in principal balances, representing 13.5% of the total loan portfolio. As of August 31, 2020, ACNB Bank has
outstanding approvals for loan modifications and deferrals for 88 loans totaling $86.7 million in principal balances, representing 5.0% of the total loan portfolio.
James P. Helt, President & Chief Executive Officer of ACNB Corporation and ACNB Bank, noted, “Government public health measures relating to the COVID-19 pandemic and significant curtailment of consumer spending has had a significant effect on the economies of the communities served by ACNB Corporation. Upon announcement of the government measures earlier this year, ACNB Bank anticipated receiving a significant number of requests for loan modifications and deferrals from its commercial and consumer customers and developed a vigorous program to work with customers through this difficult time. Overall, we are pleased that the demand for loan modification and deferral requests has resulted in a decrease in our preliminary estimates of potential defaults and loan losses. Reduced demand for loan modifications and deferrals reflects the strength and resilience of our customer base and the quality of our underwriting standards. ACNB Bank continues to work with customers on a case-by-case basis and to monitor the loan portfolio, economic factors, governmental responses to the pandemic, and their interrelated effects.”
ACNB Corporation, headquartered in Gettysburg, PA, is the $2.4 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and Russell Insurance Group, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 21 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, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit acnb.com.