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Orrstown and Codorus Valley banks’ shareholders approve merger
Listen to this articleShippensburg-based Orrstown Financial Services, Inc., the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc., York, the parent company of PeoplesBank, A Codorus Valley Company, announced that they each received shareholder approval for the previously announced merger of equals.
At a special meeting of shareholders held Thursday, Codorus Valley’s shareholders approved the merger of Codorus Valley with and into Orrstown, with Orrstown as the surviving corporation, the agreement and plan of merger, and the compensation payable to the named executive officers.
Orrstown shareholders approved the issuance of shares of Orrstown common stock to Codorus Valley shareholders pursuant to the Merger Agreement, at a meeting the same day.
“The receipt of shareholder approval marks an important milestone for our merger of equals,” said Thomas R. Quinn, Jr., Orrstown’s president and CEO. “Craig (Kauffman) and I are proud that each company’s shareholder base overwhelmingly supported the transaction, which we expect will create meaningful shareholder value and expand opportunities for our employees, clients, and communities.”
The merger and related transactions are expected to close in the third quarter of 2024, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals, the organizations said.
“Today’s vote brings us one step closer to providing enhanced financial services to our valued clients,” said Craig Kauffman, president and CEO of Codorus Valley. “I am eager to get started on building the premier community banking franchise in our Pennsylvania and Maryland markets.”
