ACNB

ACNB’s moat is local scale and relationships. The bank holds a dominant deposit share in its home Adams County and has meaningful share in adjacent, affluent Maryland counties. This efficient‑scale position, plus long customer relationships, lowers funding costs and supports sticky operating accounts.

Noninterest‑bearing deposits are roughly 23% of total and the cost of interest‑bearing deposits was ~1.35% in Q1 2026, both supportive of a durable core funding advantage.

Network effects are minimal and switching costs are moderate, but the combination of brand trust, convenient branch density, and treasury/wealth/insurance cross‑sell confers a real local franchise edge. Risks to durability include digital competitors bidding up deposit rates and larger regionals encroaching into ACNB’s markets.