Orrstown and Codorus Valley finalize merger of equals

The merger of equals between Orrstown Financial Services, Inc, the holding company for Orrstown Bank, and Codorus Valley Bancorp, Inc., the holding company for PeoplesBank, A Codorus Valley Company, is official.

"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," Thomas R. Quinn, Jr., Orrstown's president and CEO, said in a statement.

"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," said Craig L. Kauffman, Orrstown's executive vice president and COO, formerly president and CEO of PeoplesBank.

The combined organization said it will initially operate under both the Orrstown Bank and PeoplesBank brands, and clients will continue to conduct business through their branches, websites and mobile apps.

Orrstown Bank and PeoplesBank clients can make withdrawals free of charge throughout the ATM network of the combined bank, the organizations said.

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, the organizations said.

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, the banks said. 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 combined company's administrative headquarters will be in Harrisburg, where Orrstown has been located, and the operations center will be in York where Codorus Valley was headquartered.

At the merger's effective time on July 1, each outstanding share of Codorus Valley common stock was converted into the right to receive 0.875 shares of Orrstown common stock. Former Codorus Valley shareholders collectively represent approximately 44% of the combined company.

Codorus Valley common stock shares ceased trading before the NASDAQ Global Market Stock Market opened on July 1.

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