Orrstown Financial Services is taking yet another step into Lancaster County, this time by adding an investment firm into its fold.
The new addition – Lancaster-based Wheatland Advisors Inc. – brings the bank’s total assets under management to more than $1.2 billion, and expands Orrstown’s footprint during what has already proven a big year for the company.
Wheatland Advisors is keeping its name as a subsidiary of Orrstown, as well as its location at 144 E. Chestnut St.
Its three employees are also staying with the firm. That includes former owner Richard Heilig, who has worked there for nearly 30 years.
Orrstown declined to disclose how much it paid to acquire the firm, which had about $140 million in assets under management.
“The union with Orrstown and the addition of their trust expertise will enable us to better serve our current and prospective clients for many years to come, and I am excited about this next step in Wheatland’s evolution,” Heilig said in a Monday news release announcing the acquisition.
The addition also adds to existing trust and wealth management services offered by Orrstown, which is the parent company of Orrstown Bank.
“Opportunities like this partnership with Wheatland Advisors, Inc. are unique, and we are excited that Richard Heilig has chosen to bring his expertise to the company,” said Orrstown President and CEO Thomas Quinn Jr.
The acquisition continues Shippensburg-based Orrstown’s rapid push into Lancaster County.
Just last week, the bank held a ground-breaking ceremony on a full-service branch in Manheim Township. It also has two other sites in the county: a branch in East Hempfield Township and a commercial lending and wealth management office in Manheim Township that opened earlier this year.
It plans to open a branch in the New Holland area in August 2017, pending regulatory and other approvals.
The bank has also taken a growing interest in Dauphin County in recent years, opening a regional office in Swatara Township several months ago.
In total, Orrstown’s footprint before the Wheatland acquisition included 25 offices throughout southcentral Pennsylvania and northern Maryland, as well as roughly $1.4 billion in assets. Wheatland is its first acquisition in recent years.
In other recent Orrstown news, a federal court announced last week that a long-running class-action lawsuit against the bank could continue. The suit, initially filed in 2012, claims the company misled investors in the way it accounted for bad loans between 2010 and 2012.
Orrstown has continuously denied those allegations.