ORRF - Orrstown Financial Services Inc. and Codorus Valley Bancorp Inc. Announce Receipt of Shareholder Approvals for Merger of Equals | Benzinga
SHIPPENSBURG, Pa. and YORK, Pa., May 30, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. ("Orrstown") (NASDAQ:ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. ("Codorus Valley") (NASDAQ:CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they each received shareholder approval for the previously announced merger of equals. At a special meeting of shareholders held on May 30, 2024, Codorus Valley's shareholders approved the merger of Codorus Valley with and into Orrstown, with Orrstown as the surviving corporation (the "Merger"), the Agreement and Plan of Merger, dated as of December 12, 2023 (the "Merger Agreement"), by and between Orrstown and Codorus Valley, and the compensation payable to the named executive officers of Codorus Valley in connection with the Merger. At a special meeting of shareholders held on May 30, 2024, Orrstown shareholders approved the issuance of shares of Orrstown common stock to Codorus Valley shareholders pursuant to the Merger Agreement.
Thomas R. Quinn, Jr., Orrstown's President and Chief Executive Officer, commented "The receipt of shareholder approval marks an important milestone for our merger of equals. Craig and I are proud that each company's shareholder base overwhelmingly supported the transaction, which we expect will create meaningful shareholder value and expand opportunities for our employees, clients, and communities."
Craig L. Kauffman, President and Chief Executive Officer of Codorus Valley, commented "Today's vote brings us one step closer to providing enhanced financial services to our valued clients. I am eager to get started on building the premier community banking franchise in our Pennsylvania and Maryland markets."
The Merger and related transactions are expected to close in the third quarter of 2024, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals.
About Orrstown
Orrstown Financial Services, Inc. and its wholly owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company's lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia ...