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Codorus Valley COO Michael Allen resigns

Codorus Valley Bancorp Inc. announced that its chief operating officer has left the company.

Michael F. Allen, who also was a vice president at the company, submitted his resignation March 31, according to a filing with the Securities and Exchange Commission.

The resignation was effective immediately. Codorus Valley President and CEO Larry Miller said the company’s policy is not to comment on personnel issues beyond what was filed with the SEC.

Allen started as the company’s COO in July 2012. He was also the COO and executive vice president at PeoplesBank, the lone Codorus Valley subsidiary.

According to the SEC filing and Allen’s employment agreement, it was a “voluntary termination of employment” with “good reason.” Good reason includes clauses such as a reduction in salary, a geographic reassignment of more than 50 miles or a reduction of title, among other items.

His contract would have renewed automatically on April 1 for one year had he not resigned, according to his employment agreement.

York Township-based Codorus Valley trades its shares on the NASDAQ exchange at CVLY. It has about $1.4 billion in assets following the January acquisition of Maryland-based Madison Bancorp Inc.

Michael Sadowski

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