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Orrstown Bank's COO resigns

By - Last modified: September 20, 2012 at 8:49 AM

The chief operating officer at Orrstown Financial Services Inc. stepped down Tuesday, the Shippensburg-based financial institution announced in a regulatory filing.

Jeffrey Embly resigned from Orrstown Bank's parent company "to pursue other business opportunities," Orrstown said.

Embly resigned as COO "of Orrstown Financial Services Inc. and Orrstown Bank," the filing said. However, Orrstown last month appointed Jeffrey Seibert as COO of the bank. Orrstown did not immediately respond to a request for clarification.

Embly, 41, was appointed COO in June 2011, according to bank filings. He was chief loan officer from 2005 to 2008, chief commercial officer from 2008 to 2009 and chief credit officer from 2009 to 2011.

Orrstown is under regulatory orders to improve its asset quality and is seeking a turnaround after losses of $32 million last year and $18.1 million in the first half of this year.

Last month, it hired a new chief financial officer; its chief credit officer resigned in June.

Orrstown shares trade on the Nasdaq under the ticker symbol ORRF.