Activist investment group sells off chunk of Orrstown stock
One of the activist investors hoping Metro Bank will sell or merge with another bank has divested itself of a different Central Pennsylvania bank.
PL Capital LLC and its subsidiaries has sold off 145,000 shares of Shippensburg-based Orrstown Financial Services Inc., according to a filing with the Securities and Exchange Commission.
The company had to file with the SEC because it had owned more than 5 percent of the outstanding Orrstown stock.
PL Capital, the Chicago-area group that specializes in investments in banks with between $300 million and $3 billion in assets, prides itself on being an activist investment firm. It recently was one of three large investors in Metro Bancorp Inc. of Swatara Township that made it known they wanted Metro to sell or merge to maximize current shareholder value.
According to the filing, PL Capital owned 314,208 shares of Orrstown it bought for $2.45 million. The recent sale, dated July 28, sold those 145,000 shares at $16 per share for $2.32 million.
Shippensburg-based Orrstown Financial Services is the bank holding company for Orrstown Bank and is traded on the NASDAQ under the ticker symbol ORRF. Its stock closed trading Thursday at $15.71.