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Codorus Valley Bancorp, Inc. - CVLY STOCK NEWS

Welcome to our dedicated page for Codorus Valley Bancorp news (Ticker: CVLY), a resource for investors and traders seeking the latest updates and insights on Codorus Valley Bancorp stock.

Codorus Valley Bancorp, Inc. (symbol: CVLY), incorporated in 1986, is a one-bank holding company based in York, Pennsylvania. Through its principal subsidiary, PeoplesBank, a Codorus Valley company, it offers a comprehensive range of financial services tailored to both individuals and businesses. PeoplesBank, with a rich history dating back to 1864, focuses on building robust financial relationships with small and mid-sized businesses, while also providing personal banking, mortgage banking, wealth management, and real estate services.

Codorus Valley Bancorp is a publicly traded corporation, listed on the NASDAQ National Market Exchange under the trading symbol CVLY. PeoplesBank is recognized as the largest full-service community bank headquartered and managed in York County. The bank operates numerous financial centers throughout South Central Pennsylvania and Central Maryland, with plans for further expansion.

The company operates primarily in the community banking segment, with its loan portfolio divided into two main classes: commercial and consumer. The commercial segment encompasses loans for builders and developers, commercial real estate investors, residential real estate investors, hotels/motels, wholesale and retail businesses, agriculture, manufacturing, and other sectors. The consumer segment includes residential mortgages, home equity loans, and other personal loans. A significant portion of the company's revenue is derived from interest income.

Recent Developments: Codorus Valley Bancorp recently declared a dividend and continues to enhance its tangible book value per share. The company also announced a merger plan with Orrstown Financial Services, promising significant strategic benefits for stakeholders. Investors and security holders are encouraged to review the detailed merger documents available on the SEC’s website and the companies’ respective websites for further information.

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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.

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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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Codorus Valley Bancorp, Inc. reported first-quarter 2024 results with a net income of $4.3 million, down from $7.0 million in Q1 2023. They announced a merger with Orrstown Financial Services, Inc. and incurred $118,000 in merger-related expenses. The company saw growth in loans and deposits but an increase in nonperforming assets.
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Codorus Valley Bancorp, Inc. declares a regular quarterly cash dividend of $0.17 per common share, with assets exceeding $2 billion. The parent company of PeoplesBank, it is the largest independent financial institution in York County, Pennsylvania.
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Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) reported a fourth-quarter net income of $5.5 million, a decrease from the previous year, but a net income of $25.0 million for the year ended December 31, 2023, compared to $20.1 million for the year ended December 31, 2022. The company is set to merge with Orrstown Financial Services Inc. later this year, incurring merger-related expenses of $956,000 in the fourth quarter of 2023.
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Codorus Valley Bancorp, Inc. (Nasdaq: CVLY) declared a regular quarterly cash dividend of $0.17 per common share on January 9, 2024. PeoplesBank, a wholly owned subsidiary, offers consumer, business, wealth management, and mortgage services with assets of over $2 billion. The corporation is the largest independent financial institution in York County, Pennsylvania, and its Common Stock is listed on the NASDAQ Global Market under the symbol CVLY.
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Orrstown Financial Services, Inc. (ORRF) and Codorus Valley Bancorp, Inc. (CVLY) have announced a merger valued at approximately $207.0 million, creating a premier Pennsylvania and Maryland community bank with $5.2 billion in assets. The merger will result in the combined company trading on Nasdaq under the ticker symbol 'ORRF' and operating under the name 'Orrstown Financial Services, Inc.'
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PeoplesBank and Driver Management have concluded their cooperation agreement, effective October 30, 2023. PeoplesBank expressed appreciation for Driver Management's contributions to the bank's growth and innovation.
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Codorus Valley Bancorp, Inc. reported a decrease in net income for the third quarter of 2023 compared to the same period last year. However, net income for the year ended September 30, 2023, showed a significant increase compared to the previous year. The company experienced steady performance in credit metrics, with a decrease in nonperforming assets. A cash dividend of $0.17 per common share will be payable on November 14, 2023.
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Codorus Valley Bancorp, Inc. declares a regular quarterly cash dividend of $0.17 per common share.
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FAQ

What services does Codorus Valley Bancorp Inc. offer?

Codorus Valley Bancorp Inc., through its subsidiary PeoplesBank, offers personal banking, mortgage banking, wealth management, and real estate services. They also focus on financial relationships with small and mid-sized businesses.

Where is Codorus Valley Bancorp Inc. headquartered?

Codorus Valley Bancorp Inc. is headquartered in York, Pennsylvania.

What is the trading symbol for Codorus Valley Bancorp Inc.?

The trading symbol for Codorus Valley Bancorp Inc. is CVLY, listed on the NASDAQ National Market Exchange.

What is the history of PeoplesBank?

PeoplesBank, the principal subsidiary of Codorus Valley Bancorp Inc., dates back to 1864 and is the largest full-service community bank headquartered in York County.

Where does Codorus Valley Bancorp Inc. operate?

Codorus Valley Bancorp Inc. operates financial centers throughout South Central Pennsylvania and Central Maryland.

What are the two main loan portfolio classes of Codorus Valley Bancorp Inc.?

The two main loan portfolio classes are commercial and consumer. The commercial segment includes loans for various business sectors, while the consumer segment includes residential mortgages and home equity loans.

What recent developments have been announced by Codorus Valley Bancorp Inc.?

Recent developments include a declared dividend and a merger plan with Orrstown Financial Services, which is expected to bring strategic benefits to stakeholders.

How does Codorus Valley Bancorp Inc. generate its revenue?

A significant portion of Codorus Valley Bancorp Inc.'s revenue is derived from interest income from its various banking services.

How can investors get more information about the merger with Orrstown Financial Services?

Investors can review detailed merger documents available on the SEC’s website and on the companies’ respective websites for further information.

Who can be contacted for media inquiries about Codorus Valley Bancorp Inc.?

For media inquiries, contact John Moss, Director of Marketing, at 717-747-1520 or jmoss@peoplesbanknet.com.

Codorus Valley Bancorp, Inc.

Nasdaq:CVLY

CVLY Rankings

CVLY Stock Data

232.28M
9.66M
4.02%
54.71%
0.29%
Savings Institutions
Finance and Insurance
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United States of America
YORK