Welcome to our dedicated page for Orrstown Finl Svcs news (Ticker: ORRF), a resource for investors and traders seeking the latest updates and insights on Orrstown Finl Svcs stock.
Orrstown Financial Services Inc (ORRF) provides comprehensive banking solutions through consumer accounts, commercial lending, and wealth management services across Pennsylvania and Maryland. This news hub offers investors and community members direct access to official company announcements and financial updates.
Track all essential ORRF news in one location, including earnings releases, regulatory filings, leadership updates, and service expansions. Our curated collection ensures timely access to developments impacting community banking operations, FDIC-insured deposit strategies, and regional economic partnerships.
Discover updates on mortgage lending programs, trust service enhancements, and strategic initiatives within the competitive Mid-Atlantic banking sector. The repository simplifies monitoring of ORRF's financial health, compliance achievements, and community investment activities.
Bookmark this page for streamlined access to Orrstown's latest press materials. Check regularly for verified information on dividend declarations, merger activities, and innovative banking solutions tailored to local businesses and individual clients.
Orrstown Bank (NASDAQ:ORRF) has announced two key executive appointments to strengthen its leadership team. Chris Orr joins as Chief Information Officer, bringing nearly 20 years of experience in consulting, software delivery, and banking. At his previous role as Chief Digital Officer at Sandy Spring Bank, he led digital transformation initiatives and helped grow assets from $4.6 billion to $14 billion through multiple acquisitions.
Ben Colvard has been appointed as Chief Operations Officer, with over 20 years of operational excellence experience. Previously serving as Chief Optimization Officer at Sandy Spring Bank, he contributed to the bank's growth from $3.5 billion to $14 billion in assets. Both executives will focus on enhancing client experiences and driving technological innovation at Orrstown Bank.
Orrstown Financial Services, Inc. reported its third quarter 2024 results, reflecting the merger with Codorus Valley Bancorp, Inc. The merger added $2.2 billion in assets, $1.6 billion in loans, and $1.9 billion in deposits. The company posted a net loss of $7.9 million, or $0.41 per diluted share, due to $17 million in merger-related expenses, $15.5 million in credit loss provisions, and $4.8 million for executive retirement. Excluding these, net income was $21.4 million, or $1.11 per diluted share. Net interest margin increased to 4.14%, with noninterest income rising to $12.4 million. Return on average assets was -0.57%, and return on average equity was -5.85%, but excluding non-recurring charges, these figures improved to 1.55% and 15.85%, respectively. The Board declared a $0.23 per share dividend, payable on November 12, 2024.
Orrstown Financial Services reported Q2 2024 results with a net income of $7.7 million and diluted EPS of $0.73, down from $8.5 million and $0.81 in Q1 2024. Excluding $1 million in merger-related expenses, net income and EPS were $8.7 million and $0.83, respectively. The net interest margin fell to 3.54% from 3.77% in Q1 2024. Nonaccrual loans dropped to $8.4 million from $12.9 million in Q1 2024. Non-interest income increased to $7.2 million from $6.6 million in Q1 2024, while non-interest expenses grew slightly to $22.6 million. The company declared a dividend increase of $0.03 per share, payable on August 15, 2024.
Orrstown Financial Services and Codorus Valley Bancorp have completed their merger of equals, creating a leading community bank in Pennsylvania and Maryland. The combined entity will operate under the name Orrstown Financial Services, trading on NASDAQ under the ticker ORRF. Clients will continue to use their respective banks' services until a full system integration expected in November 2024. The merged company will have administrative headquarters in Harrisburg, PA, and an operations center in York, PA. The Board of Directors will include members from both companies, reflecting a balance in leadership. Codorus Valley shareholders received 0.875 shares of Orrstown common stock per Codorus Valley share, making up approximately 44% of the new entity. The merger aims to enhance value for clients, shareholders, community partners, and employees.
Orrstown Financial Services and Codorus Valley Bancorp have received regulatory approvals for their merger of equals from the Federal Reserve Board and the Pennsylvania Department of Banking and Securities. This merger, anticipated to close on July 1, 2024, will combine their extensive financial service operations across Pennsylvania, Maryland, and parts of Virginia and West Virginia. Orrstown, traded as ORRF on NASDAQ, and Codorus Valley, traded as CVLY, aim to enhance their market presence and service offerings through this strategic partnership.
On May 30, 2024, Orrstown Financial Services (NASDAQ: ORRF) and Codorus Valley Bancorp (NASDAQ: CVLY) announced shareholder approvals for their previously announced merger of equals. This approval includes the merger of Codorus Valley into Orrstown, with Orrstown as the surviving entity, under the Merger Agreement dated December 12, 2023. The merger aims to create significant shareholder value, enhance employee and client opportunities, and build a premier community banking franchise in Pennsylvania and Maryland. The merger is expected to close in Q3 2024, pending regulatory approvals.
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