"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," said
"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," added
Clients Should Continue to Bank as They Normally Do
The combined organization will initially operate under both the
The combined company will trade on the Nasdaq Global Select Market under the Orrstown ticker symbol "ORRF" and operate under the "
The administrative headquarters of the combined company will be located in
Board of Directors
The combined company's Board of Directors will consist of thirteen members, with seven directors from Orrstown and six directors from Codorus Valley:
Sarah M. Brown Brian D. Brunner Scott V. Fainor Cindy J. Joiner John W. Giambalvo Craig L. Kauffman Mark K. Keller J. Rodney Messick Thomas R. Quinn , Jr.Michael J. Rice Eric A. Segal Glenn W. Snoke Joel R. Zullinger
Closing Details
At the effective time of the merger on
Advisors
About Orrstown
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.
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 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 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 outcome of any legal proceedings that may be instituted against Orrstown; 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 does business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the possibility that revenues following the transaction may be lower than expected; the impact of certain restrictions during the pendency of the transaction on Orrstown's 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 transaction; the ability to complete the 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 transaction; and the potential impact of general economic, political or market factors on the companies or the transaction and other factors that may affect future results of Orrstown. The foregoing list of factors is not exhaustive. Except to the extent required by applicable law or regulation, Orrstown 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 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
For media inquiries or further information, please contact:
John Moss
SVP, Director of Marketing and Client Experience,
717-747-1520
jmoss@orrstown.com
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