Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. Announce Receipt of Regulatory Approvals for Merger of Equals
2024年6月17日 - 9:30PM
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
have received the requisite regulatory approvals and waivers from
the Board of Governors of the Federal Reserve System and the
Pennsylvania Department of Banking and Securities for their
previously announced merger of equals. The parties anticipate
closing the transaction on July 1, 2024, subject to the
satisfaction of customary closing conditions.
About Orrstown
Orrstown Financial Services, Inc. and its wholly owned
subsidiary, Orrstown Bank, provide a wide range of consumer and
business financial services in Adams, 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 and Berkeley, Jefferson and Morgan
Counties, West Virginia. Orrstown Bank is an Equal Housing Lender
and its deposits are insured up to the legal maximum by the FDIC.
Orrstown Financial Services, Inc.’s common stock is traded on the
NASDAQ Global Select Market under the symbol “ORRF”.
About Codorus Valley
Codorus Valley Bancorp, Inc. is the largest independent
financial services holding company headquartered in York,
Pennsylvania. Codorus Valley primarily operates through its
financial services subsidiary, PeoplesBank, A Codorus Valley
Company. PeoplesBank offers a full range of consumer, business,
wealth management, and mortgage services at financial centers
located in communities throughout South Central Pennsylvania and
Central Maryland. Codorus Valley Bancorp, Inc.’s Common Stock is
listed on the NASDAQ Global Market under the symbol “CVLY”.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the financial condition, results of operations, business
plans and the future performance of Orrstown and Codorus
Valley.
Words such as “anticipates,” “believes,” “estimates,” “expects,”
“forecasts,” “intends,” “plans,” “projects,” “could,” “may,”
“should,” “will” or other similar words and expressions are
intended to identify these forward-looking statements. These
forward-looking statements are based on Orrstown’s and Codorus
Valley’s current expectations and assumptions regarding Orrstown’s
and Codorus Valley’s businesses, the economy, and other future
conditions. Because forward-looking statements relate to future
results and occurrences, they are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict. Any number of risks, uncertainties, or other
factors could affect Orrstown’s or Codorus Valley’s future
financial results and performance and could cause actual results or
performance to differ materially from anticipated results or
performance. Such risks and uncertainties include, among others:
the occurrence of any event, change or other circumstances that
could give rise to the right of one or both of the parties to
terminate the definitive agreement and plan of merger between
Orrstown and Codorus Valley; the outcome of any legal proceedings
that may be instituted against Orrstown or Codorus Valley; delays
in completing the proposed transaction; the failure to satisfy any
conditions to the proposed transaction on a timely basis or at all,
including the ability of Orrstown and Codorus Valley to meet
expectations regarding the timing, completion and accounting and
tax treatments of the proposed transaction; the possibility that
the anticipated benefits of the proposed transaction are not
realized when expected or at all, including as a result of the
impact of, or problems arising from, the integration of the two
companies or as a result of the strength of the economy and
competitive factors in the areas where Orrstown and Codorus Valley
do business; the possibility that the proposed transaction may be
more expensive to complete than anticipated, including as a result
of unexpected factors or events; the possibility that revenues
following the proposed transaction may be lower than expected; the
impact of certain restrictions during the pendency of the proposed
transaction on the parties’ ability to pursue certain business
opportunities and strategic transactions; diversion of management’s
attention from ongoing business operations and opportunities;
potential adverse reactions or changes to business or employee
relationships, including those resulting from the announcement or
completion of the proposed transaction; the ability to complete the
proposed transaction and integration of Orrstown and Codorus Valley
successfully; the dilution caused by Orrstown’s issuance of
additional shares of its capital stock in connection with the
proposed transaction; and the potential impact of general economic,
political or market factors on the companies or the proposed
transaction and other factors that may affect future results of
Orrstown or Codorus Valley. The foregoing list of factors is not
exhaustive. Except to the extent required by applicable law or
regulation, each of Orrstown and Codorus Valley disclaims any
obligation to update such factors or to publicly announce the
results of any revisions to any of the forward-looking statements
included herein to reflect future events or developments. Further
information regarding Orrstown, Codorus Valley and factors which
could affect the forward-looking statements contained herein can be
found in Orrstown’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2023, its Quarterly Report on Form 10-Q for the
period ended March 31, 2024, and its other filings with the SEC,
and in Codorus Valley’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2023, its Quarterly Report on Form 10-Q for
the period ended March 31, 2024, and its other filings with the
SEC. SEC filings are available free of charge on the SEC’s website
at www.sec.gov.
For media inquiries or further information, please
contact:
John MossSVP, Director of Marketing and Client Experience,
PeoplesBank, A Codorus Valley
Company717-747-1520jmoss@peoplesbanknet.com
Matthew DyckmanEVP, General Counsel, Orrstown
Bank717-510-7262mdyckman@orrstown.com
Orrstown Financial Servi... (NASDAQ:ORRF)
過去 株価チャート
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Orrstown Financial Servi... (NASDAQ:ORRF)
過去 株価チャート
から 9 2023 まで 9 2024