Orrstown Financial, Codorus Valley Bancorp complete merger

Orrstown Financial Services, Inc. (ORRF), and Codorus Valley Bancorp, Inc. (CVLY), announced the completion of their previously announced merger of equals creating a premier Pennsylvania and Maryland community bank. 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. 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 administrative headquarters of the combined company will be located in Harrisburg, PA, and the operations center of the combined company will be located in York, PA. At the effective time of the merger on July 1, 2024, 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. Shares of Codorus Valley common stock ceased trading prior to the opening of the NASDAQ Global Market Stock Market on July 1, 2024.