Orrstown Financial Services and Codorus Valley Bancorp have received regulatory approvals and waivers from the Federal Reserve and the Pennsylvania Department of Banking and Securities for their merger of equals. The merger, announced previously, is expected to close on July 1, 2024, subject to customary closing conditions.
Orrstown Financial Services is the parent company of Orrstown Bank, which offers various financial services across Pennsylvania, Maryland, and select areas in Virginia and West Virginia. Codorus Valley Bancorp, the largest independent financial services holding company in York, Pennsylvania, operates through its subsidiary, PeoplesBank, providing consumer, business, wealth management, and mortgage services in South Central Pennsylvania and Central Maryland.
Orrstown Financial Services and Codorus Valley Bancorp have received shareholder approvals for their merger of equals. The merger, initially announced on December 12, 2023, was approved by Codorus Valley and Orrstown shareholders on May 30, 2024. The merger is expected to finalize in Q3 2024, pending regulatory approvals.
Orrstown will be the surviving entity, enhancing financial services across Pennsylvania and Maryland. The merger aims to create significant shareholder value and expand opportunities for employees and clients. Both CEOs, Thomas R. Quinn Jr. of Orrstown and Craig L. Kauffman of Codorus Valley, expressed optimism about the merger's potential benefits.
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