ACNB to acquire Frederick County Bancorp

Two area banks have announced merger plans.

ACNB Corp., the parent financial holding company of ACNB Bank, recently reported the execution of a definitive agreement with Frederick County Bancorp. Under that agreement, Frederick County Bancorp will be merged with and into an ACNB acquisition subsidiary and, as soon as possible thereafter, Frederick County Bank, FCBI’s wholly-owned subsidiary, will merge with and into ACNB Bank.

ACNB Corp. is headquartered in Gettysburg, Pa. Frederick County Bancorp is headquartered in Frederick, Md.

Frederick County Bank operates five locations in the Frederick area. Established in 2001, it is a full-service community bank serving businesses, individuals and community organizations. As of March 31, FCBI had total assets of $442.4 million, total deposits of $372.3 million and total loans of $341.7 million.

With the consummation of the acquisition, ACNB Bank will operate former Frederick County Bank locations in the Frederick County market as “FCB Bank, A Division of ACNB Bank.”

One director from Frederick County Bancorp will join the boards of ACNB and ACNB Bank, respectively. In addition, the other directors of Frederick County Bancorp will have the opportunity to serve on a regional advisory board to be established for the Frederick County market.

Pursuant to the terms of the agreement, Frederick County Bancorp shareholders will receive 0.9900 share of ACNB common stock for each share of FCBI common stock that they own as of the closing date. Based on the market close on July 1, the transaction is valued at $60 million or $38.20 per share. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes.

Based on the financial results as of March 31, the combined company would have pro forma total assets of $2.2 billion, total deposits of $1.8 billion and total loans of $1.7 billion.

Once the acquisition is complete, ACNB will have 34 community banking offices in Pennsylvania and Maryland, offering a full range of integrated financial services including banking, trust, retail brokerage and insurance.

As this is a market expansion transaction, ACNB plans to retain many of Frederick County Bankcorp’s employees, specifically in the areas directly serving customers such as community banking and lending.

The transaction has been unanimously approved by the boards of directors of both companies. It is subject to the approval of shareholders of both companies, regulatory approvals and other customary closing conditions.

The transaction is expected to close in the fourth quarter of 2019 or the first quarter of 2020.

Bybel Rutledge LLP is serving as legal counsel and Boenning & Scattergood Inc. is serving as financial advisor to ACNB Corp. Buckley LLP is serving as legal counsel and Sandler O’Neill + Partners, LP is serving as financial advisor to Frederick County Bancorp Inc.

U. of Md. launches master’s in medical cannabis science

BALTIMORE — The University of Maryland School of Pharmacy has launched a master’s program in medical cannabis science and therapeutics.

According to a UM news release, the program will provide students with the knowledge and skills needed to support patients and the medical cannabis industry, add to research in the field and develop well-informed medical cannabis policy. Based at the Universities at Shady Grove in Rockville, Md., the two-year program blends online learning with face-to-face experiences.

It is the first graduate program in the country dedicated to the study of medical cannabis, according to UM. It aims to meet the needs of all individuals interested in advancing their knowledge about medical cannabis, including health care professionals such as physicians, nurses and pharmacists; scientists and regulators; growers and dispensary owners; and policy and industry professionals.

“Medical cannabis has been legalized in 33 states, including Maryland, as well as in Washington, D.C., Guam, and Puerto Rico,” Natalie D. Eddington, dean and professor of the school of pharmacy, said in the news release. “This number is only expected to increase in the future, fueling a demand for an educated workforce that is well-trained in both the science and therapeutic effects associated with this medicinal plant.”

The coursework addresses basic science, clinical use, adverse effects and public health, and federal and state laws and policies surrounding medical cannabis. Online coursework is designed to accommodate students with or without a background in science or medicine, as well as offer flexibility when completing assignments. In-person symposia held once each semester provide students with opportunities to network with peers, as well as meet and interact with experts in the science, therapeutics and policy of medical cannabis.

The application deadline is Aug. 15 for classes beginning on Aug. 26.

To better meet the needs of working professionals, the degree does not require the completion of a thesis. Instead, students complete a capstone course that features a selection of expert seminars, case studies and discussions.

Carotid artery stenting now offered at WMHS

Submitted photo
Dr. John Pappas, center, and members of the Interventional Radiology team with two of the first carotid artery stenting patients, John Rafferty, on Pappas’ left, and Dick Meyers, on Pappas’ right.

A new procedure at Western Maryland Health System is allowing patients with carotid artery disease to stay close.

Under the direction of Dr. John Pappas, the interventional radiology department at WMHS is now offering carotid artery stenting, a procedure that opens the carotid arteries to restore blood flow to the brain, the health system said in a news release.

Carotid arteries are on each side of the neck and are the main arteries supplying blood to the brain. Like arteries in the heart, the carotid arteries can become clogged, which can reduce or block blood flow to the brain.

Stenting helps keep the artery open and decreases the chance of it narrowing or closing, the release said. Stenting may be used when traditional surgery isn’t possible or is too risky.

“In the old days, almost all patients with a significant narrowing of the carotid artery had an incision made in their necks and the plaque was taken out,” Pappas said in the release. “As technology has changed over the last 10-15 years, small catheters and stents have been developed that we can thread through the artery in the groin or arm up to the carotid artery in the neck, which would preclude that patient from having an open endaretectory or a relatively large incision in the neck.”

The stenting procedure is another tool in a nationwide battle against carotid artery disease.

The carotid stenting procedure usually requires only a a two-millimeter incision  and a one-night stay in the hospital.

Army awards contract for deployable CT scanner

FORT DETRICK, Md. — Together with the Defense Logistics Agency, the U.S. Army Medical Materiel Development Activity awarded a joint service contract for the procurement of joint deployable computerized tomography scanners.

The CT scanners will help field surgeons diagnose wounded warfighters in deployed settings at the field hospitals.

“This contract award will result in the delivery of a state-of-the-art, deployable CT scanner to the Army for use in austere environments, ensuring that the warfighter receives the best possible care should harm befall them on the battlefield,” Dr. Tyler Bennett, project manager for the Warfighter Deployed Medical Systems Project Management Office at USAMMDA, said in a news release.

The scanner uses computer-processed combinations of several X-ray images taken from a variety angles to produce cross-sectional images focusing on specific areas of the patient. In a deployed settings, this improves the surgeon’s ability to diagnose trauma patients non-invasively at the field hospital. It is particularly helpful for injuries to the head, abdomen, spine and eyes.

Previous fielded CT models have become unavailable. With advances in technology, there was a need for a new system, the release states.

In addition to procuring a more technically advanced and modernized solution, this effort focused on analyzing the lifecycle logistics of a replacement device and ensuring that the next deployable CT was modern and sustainable.

“The Army first fielded the previous CT scanner in 2003, and since that time there have been significant advances in technology and medical systems,” Army Maj. Janessa Moyer, product manager for Medical Modernization, Warfighter Deployed Medical Systems at USAMMDA, said in the release. “This new contract for deployed CT scanners is critical to the readiness of the warfighter and our medical units.”

As a part of the joint service contract, the U.S. Army, Navy and Air Force worked together to standardize their requirements for CT systems in the deployed setting.

The Defense Logistics Agency awarded the joint service contract for over $40 million to Siemens for the SOMATOM go.Top Deployable CT.

USAMMDA is a subordinate command of the U.S. Army Medical Research and Development Command, under the Army Futures Command. USAMMDA is responsible for developing and delivering products designed to protect and preserve the lives of war-
fighters across the globe. These products include drugs, vaccines, biologics, devices and medical support equipment intended to maximize survival of casualties on the battlefield.

Plamondon acquires Fairfield by Marriott in Cumberland, Md.

Submitted photo
Plamondon Hospitality Partners has acquired the Fairfield by Marriott hotel in Cumberland, Md.

FREDERICK, Md. — Plamondon Hospitality Partners recently expanded its hotel management footprint with the acquisition of the Fairfield by Marriott in Cumberland, Md.

Plamondon, a hotel management company, is headquartered in Frederick.

The Fairfield by Marriott Cumberland opened in August 2009 and features 96 guest rooms, 12 suites, 1,056 total square feet of meeting space, an indoor pool and hot tub, an outdoor picnic area and complimentary on-site parking.

The hotel, the only Marriott-branded property in Western Maryland, is located adjacent to the Chesapeake & Ohio Canal National Historical Park and fewer than nine miles from Rocky Gap State Park, making it ideally situated for leisure travelers, according to a Plamondon news release. The hotel is also within close proximity of many of the area’s major employers, allowing convenient access for business travelers as well.

Plamondon Hospitality Partners’ parent company, Plamondon Companies, has owned and operated a Roy Rogers restaurant in Cumberland for more than 30 years. Peter Plamondon Jr., co-president of Plamondon Hospitality Partners, said this was a big factor in the company’s decision to acquire the hotel.

“Our Roy Rogers restaurant in Cumberland has consistently been a top performer for our chain, and we know the market very well, so the acquisition felt like the perfect fit,” Plamondon said in the news release. “We’re looking forward to new hospitality opportunities that this new property will bring.”

Plamondon Hospitality Partners will retain all of the hotel’s current employees and plans to add a director of sales position to the staff. The Fairfield by Marriott Cumberland is the 11th hotel added to the company’s portfolio and the first to be obtained through an acquisition.

Plamondon Hospitality Partners’ portfolio includes several Marriott and Hilton properties across three states.

Notes and quotes for August 2019

Things seen and overheard around the region last month, compiled by reporter Mike Lewis:

Health Care Hero

The Daily Record recently selected Western Maryland Health System to receive a 2019 Health Care Hero Award.

The award honors organizations and individuals who have made an impact on the quality of health care within the state. The winners were selected by The Daily Record along with business and health care leaders.

WMHS’s Population Health program was honored with the Community Outreach and Education Hero award, which honors individuals and organizations that have helped the community they serve by providing support and education. Jo Wilson, vice president of Population Health at WMHS, accepted the award in Baltimore.

‘Key partners’

“It is very important for us to receive support from the state of Maryland and Washington County. We value the long-term relationship we have with our local and state legislators as they are key partners to build a sustainable business.”

— Pierre Jenny, Volvo Group vice president of powertrain production at the facility near Hagerstown, Md., as the company announced a $43 million investment that could lead to 85 new jobs. To assist with the expansion, Maryland Commerce has approved a $1.4 million conditional loan through Advantage Maryland and Washington County has approved approximately $140,000 for the project.

More than $1 billion

In July, Maryland Comptroller Peter Franchot announced that the Unclaimed Property section of the agency has surpassed a milestone, processing more than $1 billion in claims since the program began in 1966.

“It’s a testament to the hardworking men and women of our agency that so many Marylanders have reclaimed their money and property,” Franchot said in a news release. “From dormant bank accounts and forgotten security deposits to abandoned insurance claims and property left in safe deposit boxes, we have doggedly worked to identify the rightful owners and return what is theirs.”

In its first year, the Unclaimed Property section paid out 12 claims with a value of $711.48. More than 50 years later, the program disburses more than $60 million annually.

Horowitz joins Washington County business team

Horowitz

HAGERSTOWN, Md. — Jonathan Horowitz has been named a business leader in the Washington County Department of Business Development.

Horowitz comes to the county from a 16-year career in business, including roles in management, business development, brand management, executive strategy and product development. He most recently was teaching courses at Hagerstown Community College as an adjunct professor.

Horowitz brings with him an extensive and varied business acumen developed through working at local, regional, and international businesses. A 2002 psychology degree from Frostburg State University led him on a pursuit of education via an MBA from the University of Maryland University College and his current work as a doctoral student at Frostburg State University in the field of education.

Western Maryland Health System opens behavioral health emergency department

CUMBERLAND, Md. — Western Maryland Health System has opened a behavioral health emergency department.

The new department features eight patient rooms as well as specialized equipment and an open nursing station allowing for therapeutic interaction with staff. Patients of all ages, including adolescents, will be eligible for admittance, and a protected entry system will separate the facility from the general emergency department, according to a WMHS news release.

WMHS built the addition to provide a secure environment for care and treatment of patients with behavioral health emergencies, including opioid abuse and addiction issues. In 2017, 413 overdose patients, including 266 opioid-related incidents, were treated at the WMHS emergency department. In 2018, those numbers decreased to 347 and 224 respectively.

“Opening the Behavioral Health Emergency Department is the next component in the collaborative effort that Western Maryland Health System has spearheaded to provide cutting edge treatment for behavioral health patients,” Barry Ronan, WMHS president and CEO, said in the release.

Block party business card exchange draws 300

A recent business card exchange sponsored by the Frederick County Chamber of Commerce turned into a party and a way of helping an area nonprofit.

Triple Crown Construction and its business park neighbors, St. John Properties, AMI Signs and Georgetown Insurance, hosted the event and gave it a block party theme.

“As a new member of Triple Crown Construction, I found the Frederick business card exchange to be a grand experience,” David Krause, service division manager at Triple Crown, said in a news release.

Nearly 300 guests turned out for the gathering.

The event featured a dunk tank that raised money for the Heartly House. Since 1979, Heartly House has provided services to survivors of domestic violence, sexual assault, human trafficking and child abuse.

Organizations like Heartly House have helped many people, including one of Triple Crown’s own.

”I have relied on the resources of a women’s shelter in the past, so I know firsthand their dedication to helping women and children (and in many cases, men too) who are stuck in abusive situations,” Angie Ugaz, project coordinator at Triple Crown, said in the release. “Especially when you feel like you have nowhere else to turn, they truly are a godsend.”

The event’s co-hosts also set up a collection box for items that Heartly House needs, such as toiletries, tote bags, soap and coffee.

Britt-Reed law firm honored

The American Institute of Personal Injury Attorneys has recognized Maryland’s Personal Injury Law Firm, Britt-Reed Law Offices, as a 2019 10 Best Personal Injury Law Firms for Client Satisfaction.

The institute is a third-party attorney rating organization that publishes an annual list of the top 10 personal injury attorneys in each state.

Attorneys who are selected to the “10 Best” list must pass the institute’s selection process, which is based on client and/or peer nominations, research and the institute’s independent evaluation.

The institute created the annual list to be used as a resource for clients during the attorney selection process.