ORRF - Orrstown Financial and Codorus Valley to merge in a $207M stock deal
2023-12-12 16:19:41 ET
Orrstown Financial Services ( NASDAQ: ORRF ) on Tuesday said it will merge with Codorus Valley Bancorp ( NASDAQ: CVLY ) in an all-stock transaction valued at about $207 million.
The deal will create a premier Pennsylvania and Maryland community bank with about $5.2 billion in assets and a market cap of nearly $460 million.
Under terms, each outstanding share of Codorus Valley common stock will be exchanged for the right to receive 0.875 shares of Orrstown common stock.
Orrstown shareholders will own about 56% of the outstanding shares of the combined company, and Codorus Valley shareholders will own the rest.
The combined company will trade on the Nasdaq Global Select Market under the Orrstown ticker symbol "ORRF."
The combined company will operate under the "Orrstown Financial Services, Inc." name, and the combined bank will operate under the "Orrstown Bank" name.
The administrative headquarters of the combined company will be located in Harrisburg, PA, while the operations center will be located in York, PA.
The combined company's Board of Directors will consist of seven directors from Orrstown and six directors from Codorus Valley.
Joel Zullinger will serve as chairman of the board of the combined company and the combined bank.
Thomas R. Quinn, Jr., will serve as president and CEO of the combined company and the combined bank at closing.
Neil Kalani, the current CFO of Orrstown Financial Services, will continue to serve as CFO of the combined company and bank.
The transaction is expected to close in the third quarter of 2024.
More on Codorus Valley, Orrstown Financial, etc.
- Seeking Alpha’s Quant Rating on Codorus Valley
- Historical earnings data for Codorus Valley
- Dividend scorecard for Codorus Valley
- Financial information for Codorus Valley
- Seeking Alpha’s Quant Rating on Orrstown Financial
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Orrstown Financial and Codorus Valley to merge in a $207M stock deal