Shippensburg, PA (July 30, 2009) – Orrstown Financial Services, Inc. (NASDAQ: ORRF) is pleased to announce net operating results for the second quarter and the six months ended June 30, 2009.
Commenting on the second quarter results, Thomas R. Quinn, Jr., President and Chief Executive Officer, stated, “We were extremely pleased by our sequential, quarter over quarter, improvement. We increased net income by $429,000, or 14.18%, when comparing second quarter 2009 results to first quarter 2009 results. We also grew primary earnings per share from $.47 to $.54 and diluted earnings per share from $.45 to $.51 within the same time frame. Net interest income advanced 9.85% from $8,022,000 during first quarter 2009 to $8,812,000 in the second quarter. Net interest margin increased 17 basis points, from 3.40% to 3.57%, and return on assets advanced from 1.15% to 1.26%, quarter over quarter. These gains were achieved even though we incurred an additional expense of $517,000 as a result of the special FDIC assessment. Although non-performing loans increased slightly from the first quarter 2009, the ratio of non-performing loans to average loans outstanding remains below 1.00%, demonstrating our continuing focus on credit quality. Despite a stagnant economy and difficult national banking environment, we continue to outperform our peers and believe we are well positioned to take advantage of the opportunities that lie ahead.”
Net income for the second quarter 2009 declined 4.1% to $3,454,000 from $3,603,000 during the same period last year. Primary earnings per share were $.54 for second quarter 2009 compared to $.56 per share for second quarter 2008. As a result of our continued robust growth, net interest income for the second quarter of 2009 was $8,812,000; an increase of 7.9% over the $8,164,000 realized during the same quarter in 2008. Non-interest income showed an increase of 5.0%, while non-interest expenses rose 21.2%, to a large extent as a result of the aforementioned special FDIC assessment. The second quarter loan loss provision increased to $300,000, compared to $257,000 for second quarter 2008.
During the second quarter of 2009, the net interest margin compressed 40 basis points, to 3.57%, versus second quarter 2008. This compares favorably, however, to the 3.40% net interest margin realized during first quarter 2009. Balance sheet growth of 18.5% over last year resulted in total assets reaching $1.113 billion as of June 30, 2009.
Net income for the six months ended June 30, 2009 was $6,479,000, a 5.5% decrease from the $6,853,000 earned during the first half of 2008. Primary earnings per share decreased from $1.07 during the first six months of 2008 to $1.01 in 2009. Year-to-date net interest income for 2009 increased to $16,834,000 from $16,081,000, a 4.7% increase compared to the first half of 2008, despite the low interest rate environment. For the first six months of 2009, the net interest margin compressed 45 basis points to 3.49%.
The Board of Directors approved the third quarter cash dividend of $.22 per share for shareholders of record on August 14, 2009. The dividend will be paid on August 26, 2009. Through three quarters, the Company’s cash dividend has increased 1.5% from $.65 per share to $.66 per share.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Certain statements in this release may constitute “forward looking statements” under the Private Securities Litigation Reform Act of 1995, which involve risk and uncertainties. Orrstown Financial’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, economic conditions, competition in the geographic and business areas in which Orrstown Financial conducts its operations, fluctuations in interest rates, credit quality, and government regulation.
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Thursday, July 30, 2009
Friday, July 17, 2009
Orrstown Financial Advisors: Dan Baer Earns CTFA Designation
Shippensburg, PA, July 1, 2009 – Orrstown Financial Advisors is pleased to announce that the American Bankers Association has awarded Dan Baer the Certified Trust and Financial Advisor (CTFA) designation. The Certified Trust and Financial Advisor certification is designed to:Establish a recognized standard of knowledge and competence for the trust and wealth advisory field, formally recognize those who meet these standards, provide employers and clients with a tool to identify skilled, knowledgeable professionals, and support the benefits of professional continuing education and development.
Barb Brobst, Senior Vice President and Trust Officer said “ The achievement of this designation is an affirmation of the education and experience that Dan has gained in his tenure with Orrstown Financial Advisors, the Investment Division of Orrstown Bank.”
Dan is currently a Trust Officer and Financial Advisor for Orrstown Financial Advisors. A 1993 graduate of The Pennsylvania State University, Dan is also a 2007 Honors graduate of the Central Atlantic School of Trust sponsored by the Pennsylvania Bankers Association and has recently graduated from the Graduate Trust Program at Emory University, a program sponsored by the American Bankers Association.With more than 8 years of experience, Dan holds both the Series 7 and Series 66 licenses, and specializes in Fiduciary Accounts, Estate Planning, and Estate Settlement.
Orrstown Financial Advisors, a division of Orrstown Bank, provides conservative, disciplined, and client-centered investment management services tailored to the goals and objectives of their clients. Clients include individuals, businesses, non-profit organizations and municipalities. Orrstown Financial Advisors manages over $600 million in assets with a staff of 30 professionals.
Barb Brobst, Senior Vice President and Trust Officer said “ The achievement of this designation is an affirmation of the education and experience that Dan has gained in his tenure with Orrstown Financial Advisors, the Investment Division of Orrstown Bank.”
Dan is currently a Trust Officer and Financial Advisor for Orrstown Financial Advisors. A 1993 graduate of The Pennsylvania State University, Dan is also a 2007 Honors graduate of the Central Atlantic School of Trust sponsored by the Pennsylvania Bankers Association and has recently graduated from the Graduate Trust Program at Emory University, a program sponsored by the American Bankers Association.With more than 8 years of experience, Dan holds both the Series 7 and Series 66 licenses, and specializes in Fiduciary Accounts, Estate Planning, and Estate Settlement.
Orrstown Financial Advisors, a division of Orrstown Bank, provides conservative, disciplined, and client-centered investment management services tailored to the goals and objectives of their clients. Clients include individuals, businesses, non-profit organizations and municipalities. Orrstown Financial Advisors manages over $600 million in assets with a staff of 30 professionals.
Orrstown Financial Services, Inc. Added To Russell 3000 Index
Shippensburg, PA (June 29, 2009) – Orrstown Financial Services, Inc. (Nasdaq: ORRF) announced today that the Company joined the broad-market Russell 3000® Index on June 26, 2009 when Russell Investments reconstituted its U.S. and global indexes.
“We are pleased to be added to the Russell 3000, the benchmark index of the 3,000 largest U.S. companies,” commented Thomas R. Quinn, Jr., President and CEO of Orrstown Financial Services, Inc. “Orrstown has a great story to tell and the increased exposure to investors should validate our historically strong metrics.”
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The Russell 2000 Index is a sub-set of the Russell 3000 and measures the performance of companies ranked 1,001-3,000 (small-cap) companies. Orrstown Financial Services, Inc. will thus become part of both the Russell 2000 and Russell 3000 indexes.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Certain statements in this release may constitute “forward looking statements” under the Private Securities Litigation Reform Act of 1995, which involve risk and uncertainties. Orrstown Financial’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, economic conditions, competition in the geographic and business areas in which Orrstown Financial conducts its operations, fluctuations in interest rates, credit quality, and government regulation.# # #
“We are pleased to be added to the Russell 3000, the benchmark index of the 3,000 largest U.S. companies,” commented Thomas R. Quinn, Jr., President and CEO of Orrstown Financial Services, Inc. “Orrstown has a great story to tell and the increased exposure to investors should validate our historically strong metrics.”
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The Russell 2000 Index is a sub-set of the Russell 3000 and measures the performance of companies ranked 1,001-3,000 (small-cap) companies. Orrstown Financial Services, Inc. will thus become part of both the Russell 2000 and Russell 3000 indexes.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Certain statements in this release may constitute “forward looking statements” under the Private Securities Litigation Reform Act of 1995, which involve risk and uncertainties. Orrstown Financial’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, economic conditions, competition in the geographic and business areas in which Orrstown Financial conducts its operations, fluctuations in interest rates, credit quality, and government regulation.# # #
Orrstown Bank Announces Peter C. Zimmerman's Intention to Retire Effective July 1, 2009
Shippensburg, PA (June 23, 2009) – Thomas R. Quinn, Jr., President & CEO of Orrstown Bank, announced today the retirement of Peter Zimmerman from Orrstown Bank. “Pete has had a tremendous career in the industry and it is with mixed feelings that I announce his decision to retire,” commented Mr. Quinn. “Although we’re losing a really talented individual, the entire team certainly wishes him well during this next phase as he enjoys more time with his friends and family.”
Pete has had an extensive career spanning over thirty-five years in the banking industry. His banking career began in 1974 with the Pennsylvania Department of Banking; a year later he joined the former Financial Trust Co., where he held a number of positions. In 1991, he became President and CEO of Chambersburg Trust Co. He held similar positions with several other banks, including The First National Bank of Newport. First National was acquired by Orrstown Financial Services in 2006 and was merged into Orrstown Bank in 2007. Since 2007, Pete has been serving Orrstown as Executive Vice President & Chief Operations Officer.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Certain statements in this release may constitute “forward looking statements” under the Private Securities Litigation Reform Act of 1995, which involve risk and uncertainties. Orrstown Financial’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, economic conditions, competition in the geographic and business areas in which Orrstown Financial conducts its operations, fluctuations in interest rates, credit quality, and government regulation.
Pete has had an extensive career spanning over thirty-five years in the banking industry. His banking career began in 1974 with the Pennsylvania Department of Banking; a year later he joined the former Financial Trust Co., where he held a number of positions. In 1991, he became President and CEO of Chambersburg Trust Co. He held similar positions with several other banks, including The First National Bank of Newport. First National was acquired by Orrstown Financial Services in 2006 and was merged into Orrstown Bank in 2007. Since 2007, Pete has been serving Orrstown as Executive Vice President & Chief Operations Officer.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Certain statements in this release may constitute “forward looking statements” under the Private Securities Litigation Reform Act of 1995, which involve risk and uncertainties. Orrstown Financial’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, economic conditions, competition in the geographic and business areas in which Orrstown Financial conducts its operations, fluctuations in interest rates, credit quality, and government regulation.
ORRSTOWN BANK’S MORGAN MILLER, JD PEARL, JEN RICHARD, AND LEE HARTER COMPLETE PBA SCHOOL OF BANKING
(June16, 2009) – Morgan Miller, JD Pearl, Jen Richard, and Lee Harter of Orrstown Bank completed coursework at the 2009 PBA School of Banking, May 31st to June 5th, at the Penn Stater Conference Center in State College, PA.
Morgan has served the banking industry for 10 years. During that time she has held many different positions; starting out as a bank teller and succeeding to a Branch Executive Officer. She is currently responsible for overseeing the day-to-day activities at the Orchard Drive Branch location.
JD has served the Hagerstown banking industry for 9 ½ years. In that time he has served as Customer Service Representative, Assistant Branch Manager and is currently the Branch Executive Officer at Orrstown Bank’s Eastern Boulevard office. In those roles he has worked with all areas of branch banking including retirement, savings, checking and loan accounts.
Jennifer has served the Carlisle banking industry for 1½ years. In that time she has served as Branch Executive Officer at Orrstown Bank’s Stonehedge office located along Walnut Bottom Road. In this role she has worked with all areas of branch banking including retirement, savings, checking and loan accounts.
Lee currently serves as the Branch Executive Officer at Orrstown Bank's Norland Avenue office. In this role he has worked with all areas of branch banking including retirement, savings, checking and loan accounts.
The PBA School of Banking provides students with a broad base of knowledge of the financial services industry, which can be applied in a practical manner. Topics taught at this school cover the banking system, understanding bank financial statements, marketing to customers, compliance, lending, motivation and supervision.The Pennsylvania Bankers Association, located in Harrisburg, PA is Pennsylvania’s largest banking trade association representing an expansive and diverse membership. The association offers extensive continuing education programs, government relations representation on behalf of the industry and provides numerous products and services for banks and their employees.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Morgan has served the banking industry for 10 years. During that time she has held many different positions; starting out as a bank teller and succeeding to a Branch Executive Officer. She is currently responsible for overseeing the day-to-day activities at the Orchard Drive Branch location.
JD has served the Hagerstown banking industry for 9 ½ years. In that time he has served as Customer Service Representative, Assistant Branch Manager and is currently the Branch Executive Officer at Orrstown Bank’s Eastern Boulevard office. In those roles he has worked with all areas of branch banking including retirement, savings, checking and loan accounts.
Jennifer has served the Carlisle banking industry for 1½ years. In that time she has served as Branch Executive Officer at Orrstown Bank’s Stonehedge office located along Walnut Bottom Road. In this role she has worked with all areas of branch banking including retirement, savings, checking and loan accounts.
Lee currently serves as the Branch Executive Officer at Orrstown Bank's Norland Avenue office. In this role he has worked with all areas of branch banking including retirement, savings, checking and loan accounts.
The PBA School of Banking provides students with a broad base of knowledge of the financial services industry, which can be applied in a practical manner. Topics taught at this school cover the banking system, understanding bank financial statements, marketing to customers, compliance, lending, motivation and supervision.The Pennsylvania Bankers Association, located in Harrisburg, PA is Pennsylvania’s largest banking trade association representing an expansive and diverse membership. The association offers extensive continuing education programs, government relations representation on behalf of the industry and provides numerous products and services for banks and their employees.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
ORRSTOWN BANK: ONE OF THE BEST COMMUNITY BANKS IN THE COUNTRY
Shippensburg, PA (June 15, 2009) Orrstown Financial Services, Inc. was ranked the 52nd best performing community bank in the country, according to US Banker magazine. The rankings are based on 3-year average return on equity. Orrstown Bank was the 4th highest ranked Pennsylvania bank.
Tom Quinn, President and CEO commented: “The continuing excellence of our company is a result of the hard work and dedication of our entire team. Despite an economic downturn last year, we remained focused on relationship banking and once again delivered on our mission to help our customers realize their dreams.”
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Tom Quinn, President and CEO commented: “The continuing excellence of our company is a result of the hard work and dedication of our entire team. Despite an economic downturn last year, we remained focused on relationship banking and once again delivered on our mission to help our customers realize their dreams.”
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Orrstown Bank Partners with the PBCC for another year!
Orrstown Bank & the PA Breast Cancer Coalition are proud to partner for another year! Orrstown Bank donates money to the PBCC for every new Think Pink Checking account opened. Almost $30,000 have been raised since the account was released in May 2008!
Holly Mitchell Earns PHR Certification
Shippensburg, PA, June 1, 2009 – Steve Caldwell, Director of Human Resources at Orrstown Bank is pleased to announce that Holly Mitchell, Compensation/Benefits Administrator for the Bank recently earned certification as a Professional in Human Resources (PHR). In preparation for the exam she completed a 13 week course with Villanova University in Professional Human Resource Management. The course in combination with her degree from Shippensburg University in Human Resources and her on the job experiences prepared her to successfully sit for this rigorous exam.
The certification, awarded by the HR Certification Institute, signifies that Holly possesses the theoretical knowledge and practical experience in human resource management and the ability to demonstrate a mastery of the body of knowledge in the field.The HR Certification Institute is the credentialing body for human resource professionals and is affiliated with the Society for Human Resource Management (SHRM), the world's largest organization dedicated exclusively to the human resource profession. The Institute's purpose is to promote the establishment of professional standards and to recognize professionals who meet those standards.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
The certification, awarded by the HR Certification Institute, signifies that Holly possesses the theoretical knowledge and practical experience in human resource management and the ability to demonstrate a mastery of the body of knowledge in the field.The HR Certification Institute is the credentialing body for human resource professionals and is affiliated with the Society for Human Resource Management (SHRM), the world's largest organization dedicated exclusively to the human resource profession. The Institute's purpose is to promote the establishment of professional standards and to recognize professionals who meet those standards.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Orrstown Bank Employees Raise Money for CVBCA
Shippensburg, PA, May 12, 2009 – Orrstown Bank recently held a fundraiser in honor of fellow employee, Christine Yohe, who was diagnosed in February, 2009 with breast cancer. Christine is from Shippensburg and works at the Bank’s King Street office as a Teller.
The fundraiser was coordinated by King Street employees Heather Fisher, Customer Service Representative & Pamela Varner, Teller. A Longaberger Mug Fundraiser brought in more than $600, as well as cash donations, from Orrstown Bank employees for a total of $1,200. When asked which organization she wanted the money to be given to, Christine chose the Cumberland Valley Breast Care Alliance (CVBCA). CVBCA provides support, education, and information on breast cancer and preventive health care to women and men. Their services are free and all funds are used in this community and surrounding area.
Sharon Brocious, founder of the CVBCA, invited Orrstown Bank to attend the CVBCA Walk/Run, on May 9th, and held a check presentation during the opening ceremonies. Orrstown Bank employees Heather Fisher, Christine Yohe, and Barbara Brobst, as well as Brandi Porter (Christine’s daughter) attended the walk.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
The fundraiser was coordinated by King Street employees Heather Fisher, Customer Service Representative & Pamela Varner, Teller. A Longaberger Mug Fundraiser brought in more than $600, as well as cash donations, from Orrstown Bank employees for a total of $1,200. When asked which organization she wanted the money to be given to, Christine chose the Cumberland Valley Breast Care Alliance (CVBCA). CVBCA provides support, education, and information on breast cancer and preventive health care to women and men. Their services are free and all funds are used in this community and surrounding area.
Sharon Brocious, founder of the CVBCA, invited Orrstown Bank to attend the CVBCA Walk/Run, on May 9th, and held a check presentation during the opening ceremonies. Orrstown Bank employees Heather Fisher, Christine Yohe, and Barbara Brobst, as well as Brandi Porter (Christine’s daughter) attended the walk.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Orrstown Bank Celebrates 90th Anniversary
Shippensburg, PA, May 14, 2009 – Thomas R. Quinn, Jr., President and CEO of Orrstown Bank is pleased to announce the celebration of the Bank’s 90th anniversary. The Bank’s offices will celebrate during the week of May 18th.
“In May,1919, Orrstown Bank opened its doors for business in Orrstown, Pennsylvania. Today, Orrstown Financial Services, Inc. has 21 offices located in Cumberland, Franklin and Perry Counties, PA, and Washington County, MD. We’re proud to have continued to serve our communities under the same name and have maintained the tradition of excellence that began in 1919.”
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
“In May,1919, Orrstown Bank opened its doors for business in Orrstown, Pennsylvania. Today, Orrstown Financial Services, Inc. has 21 offices located in Cumberland, Franklin and Perry Counties, PA, and Washington County, MD. We’re proud to have continued to serve our communities under the same name and have maintained the tradition of excellence that began in 1919.”
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
May 26, 2009 - Annual Meeting Update
Following the Annual Meeting of Shareholders held Tuesday, May 5, 2009, the Board of Directors of Orrstown Financial Services, Inc. announced that Thomas R. Quinn, Jr. has been appointed President and Chief Executive Officer of the Company and of its subsidiary, Orrstown Bank. Mr. Quinn, who succeeds Kenneth R. Shoemaker, was also appointed to the Boards of Directors of both Orrstown Financial Services, Inc. and Orrstown Bank. He will fill the unexpired term of Denver L. Tuckey who retired as a Director after the Annual Meeting. It was also announced that Mr. Mark K. Keller was appointed to the Board of Directors of Orrstown Financial Services, Inc. to fill the unexpired term of Peter C. Zimmerman, whose resignation as a Director was accepted at the Board’s Reorganization Meeting. Mr. Keller, who is a member of the Pennsylvania House of Representatives, will continue to serve on the Board of Directors of Orrstown Bank to which he was elected in 2008.
Mr. Quinn began his employment with Orrstown on March 2, 2009 as President Elect. Prior to joining the Company, Mr. Quinn served most recently as President and Chief Executive Officer of Fifth Third Bank’s South Florida Affiliate. Before joining Fifth Third, Mr. Quinn was associated with Citigroup in a variety of executive positions. Tom’s wife Meredith and their five children will be relocating to the area upon the completion of the 2009 school year.Kenneth R. Shoemaker served the Company and Bank as President and Chief Executive Officer for twenty-two years having been appointed in 1987. Under his leadership the bank grew from $73 million in assets to more than $1 billion and increased its market presence from three to twenty-one offices serving Cumberland, Franklin and Perry Counties in Pennsylvania and Washington County, Maryland. During recent years the Company has consistently been recognized as one of the best performing publicly traded banks in the country. Mr. Shoemaker will continue to serve Orrstown as President Emeritus, Corporate Secretary and as a member of the Boards of Directors of the Company and the Bank.
Denver L. Tuckey served as a Director since 1995. He was also Corporate Secretary and chaired the bank’s Property Committee. Commenting on these announcements, Joel R. Zullinger, Chairman of the Board stated: “We are delighted with the appointment of Tom Quinn as President and Chief Executive Officer and are confident that his experience and leadership will help take this company to a new level over the next few years. We congratulate Ken Shoemaker on his retirement and thank him for the substantial contributions he made to this company. We also thank Denver Tuckey and Pete Zimmerman for their dedicated Board service.
With over $1 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.’s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
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