Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. Receive Regulatory Approvals for Merger of Equals
SHIPPENSBURG, Pa. and YORK, Pa. June 17, 2024 - Orrstown Financial Services, Inc. (NASDAQ: ORRF) and Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) announced today that they have successfully obtained the necessary regulatory approvals and waivers for their planned merger. The two companies, both Pennsylvania-based financial institutions, are set to merge on July 1, 2024, pending the fulfillment of customary closing conditions.
The merger, characterized as a merger of equals, will see Orrstown Financial Services, Inc. the parent company of Orrstown Bank, join forces with Codorus Valley Bancorp, Inc. the parent company of PeoplesBank, A Codorus Valley Company. This strategic move is expected to create a stronger institution with increased capabilities and resources to better serve their customers.
The approval from the Board of Governors of the Federal Reserve System and the Pennsylvania Department of Banking and Securities indicates that the regulatory bodies recognize the value and potential of this merger. The combined entity will have a broader geographic reach, with an enhanced branch network across Pennsylvania, and is expected to achieve greater efficiencies and cost savings in various aspects of their operations.
The merger will also provide expanded product and service offerings to customers. The complementary strengths of Orrstown and Codorus Valley, including their respective wealth management, mortgage, and commercial lending capabilities, will enable the combined institution to cater to a wider range of financial needs.
Both companies share a common commitment to providing exceptional customer service and community support. By combining their respective resources, they aim to amplify their positive impact on the local communities they serve. The merger will create opportunities for increased philanthropic initiatives, volunteerism, and support for economic growth in their respective regions.
The integration process will involve careful planning and execution to ensure a smooth transition for all stakeholders, including customers, employees, and shareholders. With the anticipated closing date less than two weeks away, both organizations are working diligently to ensure all necessary preparations are in place.
Upon completion of the merger, the new entity will continue to operate under the Orrstown Financial Services, Inc. name, reflecting the unity and collaborative spirit of the combined institution. Customers can expect the same level of personalized service and dedication to their financial goals.
The merger of equals between Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. marks an exciting milestone in the financial industry. It represents a strategic alignment between two strong institutions that have a shared vision for growth and success. As they unite forces, they will strive to deliver enhanced value and innovation to their customers, shareholders, and communities.
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