Form 4: Orrstown Financial Services Director Acquires Shares in Merger with Codorus Valley Bancorp

Director Scott V. Fainor reports acquisition of Orrstown Financial Services shares following the merger with Codorus Valley Bancorp.

Summary

• On July 1, 2024, Scott V. Fainor, a director of Orrstown Financial Services Inc. (ORRF), reported acquiring 10,396 shares of ORRF common stock.
• This acquisition resulted from the merger between Codorus Valley Bancorp, Inc. (CVLY) and Orrstown Financial Services, Inc.
• Each share of CVLY common stock was converted into the right to receive 0.875 shares of ORRF common stock, plus cash in lieu of fractional shares at $25.40 per share.
• The closing price of ORRF common stock on June 28, 2024, was $27.36 per share.
• The reported holdings include 4,375 shares owned jointly with the reporting person's spouse.

Sentiment

Score: 7

Explanation: The document reflects a completed merger, which is generally viewed positively. The director's acquisition of shares is a routine event following the merger.

Positives

• The merger between Codorus Valley Bancorp and Orrstown Financial Services has been completed.

Future Outlook

NA

Industry Context

This merger reflects a trend of consolidation within the banking industry, where smaller institutions combine to achieve greater scale and efficiency.

Stakeholder Impact

• Shareholders of Codorus Valley Bancorp received shares of Orrstown Financial Services as part of the merger agreement.
• The merger may lead to operational efficiencies and expanded services for customers of both institutions.

Key Dates