ORRF - Orrstown Financial Services and Codorus Valley Bancorp Successfully Complete Merger of Equals | Benzinga
HARRISBURG, Pa., July 01, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ:ORRF), the holding company for Orrstown Bank ("Orrstown"), and Codorus Valley Bancorp, Inc. (NASDAQ:CVLY), the holding company for PeoplesBank, A Codorus Valley Company ("Codorus Valley"), today announced the successful completion of their previously announced merger of equals creating a premier Pennsylvania and Maryland community bank.
"We are excited to move forward as one unified organization, leveraging our combined strengths to deliver even greater value to our clients, shareholders, community partners, and employees," said Thomas R. Quinn, Jr., Orrstown's President and Chief Executive Officer.
"This merger represents a significant milestone in our shared journey towards building a stronger, more resilient bank that is well-positioned for sustainable growth and success," added Craig L. Kauffman, Orrstown's Executive Vice President and Chief Operating Officer. Mr. Kauffman formerly served as President and Chief Executive Officer of PeoplesBank.
Clients Should Continue to Bank as They Normally Do
The combined organization will initially operate under both the Orrstown Bank and PeoplesBank brands, and clients will continue to conduct business through their respective Orrstown Bank and PeoplesBank branches, websites and mobile apps. As an immediate benefit, Orrstown Bank and PeoplesBank clients can make withdrawals free of charge throughout the ATM network of the combined bank. Full ATM functionality, including deposits, will be available once the systems and services of Orrstown Bank and PeoplesBank are combined, which is expected in November 2024. Orrstown Bank clients can find additional information at www.orrstown.com, and PeoplesBank clients can find additional information at www.peoplesbanknet.com.
Name, Branding, Headquarters and Markets
The combined company will trade on the Nasdaq Global Select Market under the Orrstown ticker symbol "ORRF" and operate under the "Orrstown Financial Services, Inc." name. The combined bank will operate under the "Orrstown Bank" name once the systems and services of Orrstown Bank and PeoplesBank are combined, which is expected in November 2024. Until then, PeoplesBank will continue to serve its clients and conduct its business under the PeoplesBank brand name, while operating as a division of Orrstown Bank.
The administrative headquarters of the combined company will be located in Harrisburg, PA, ...