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Orrstown closes $58.5M deal to buy Hamilton Bank
Shippensburg-based Orrstown Financial Services Inc., the bank holding company for Orrstown Bank, has wrapped up a $58.5 million deal to buy Maryland-based Hamilton Bank.
Orrstown, which announced the deal last October, said adding the Towson-based Hamilton Bank pushes Orrstown’s assets to $2.5 billion. The acquisition also extends Orrstown’s reach into the Baltimore market. Hamilton has seven branches in and around the Baltimore area.
Orrstown Financial Services and its subsidiaries, Orrstown Bank and Wheatland Advisors Inc., now have offices in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York counties in Pennsylvania and in Anne Arundel, Baltimore, Howard and Washington counties in Maryland, as well as Baltimore City.
Following the closing, Bob DeAlmedia, the president and CEO of Hamilton Bank, was appointed to the boards of directors of Orrstown Financial and Orrstown Bank.
Orrstown recently reported first-quarter net income of $3.1 million, down from $3.6 million in the first quarter of 2018. Bank officials said net income was down because of merger-related expenses and a previously disclosed expense related to a cyber incident insurance claim dispute. Last fall, Orrstown bought Mercersburg Financial Corp.
