Shippensburg-based Orrstown Financial Services Inc. named Linford Weaver to its board of directors for the company and its principal subsidiary, Orrstown Bank, effective June 1.
Weaver is co-president of the Shady Maple Companies and brings a range of executive leadership skills to the Orrstown board including financial analysis, human resources, risk management, information technology and strategic marketing. Weaver oversees the Shady Maple Farm Market, Shady Maple Smorgasbord, Shady Maple RV Sales and Service, Houston Run Development, and Weaver Realty Investment Properties.
“Lin’s business acumen and extensive knowledge of our eastern Pennsylvania market, particularly in the Lancaster and Berks County communities, will be of tremendous value as we continue to expand our operations and presence in this rapidly-growing area,” said Joel R. Zullinger, board chairman.
Weaver is also president of the board of the Conestoga Christian School and is a member of the missions board of Missions Me.
Orrstown also announced that Robert DeAlmeida resigned from the its boards effective June 1.
After expanding its Maryland business through a merger this spring, Orrstown Financial Services Inc. has hired a former BB&T executive to head up its operations in the Old Line state.
Christopher D. Holt has been named the first-ever Maryland region market president for Orrstown, the Shippensburg-based parent of Orrstown Bank.
“Chris is a proven leader with strong ties and significant experience in the Maryland region,” Thomas R. Quinn, Jr., president and CEO of Orrstown, said in a statement. “As market president, Chris will be empowered to make critical business decisions and he will have the autonomy to lead our efforts in the Maryland market. Our strategy is to continue to expand our presence in Maryland, and Chris will play a key role in our future success here.”
Holt, who has more than 30 years of banking experience, worked most recently as regional president for BB&T in the state of Maryland. He was also an executive with Susquehanna Bank, which was bought by BB&T in 2015.
“I am excited to join the Orrstown team and further develop its strong brand and presence throughout the Maryland market,” Holt said in a statement.
Holt earned a bachelor’s degree from St. Mary’s College of Maryland and a master’s degree in real estate finance from Johns Hopkins University. He is on the executive committee of the Maryland Zoo, the foundation board of Carroll County Hospital, the foundation board of St. Mary’s College and the boards of the Greater Baltimore Committee and the Maryland Council of Economic Education.
In May Orrstown closed on a $58.5 million deal to buy Maryland-based Hamilton Bank, which had seven branches in and around Baltimore. Orrstown now has eight branches in Maryland and 37 overall, as well as assets of $2.5 billion. Orrstown Financial also is the parent of Wheatland Advisors Inc.
Orrstown Financial Services Inc. has hired a new CFO to replace an executive who resigned in March.
Thomas R. Brugger will assume the company’s lead finance role as of July 15. He will take over for David Boyle, who left for personal reasons, according to a March filing with the U.S. Securities and Exchange Commission.
A graduate of Penn State, Brugger worked most recently as CFO of Sun National Bank in New Jersey. Before that, he was CFO at Wyomissing-based Customers Bank and an executive at the former Sovereign Bank. At Orrstown, he will be CFO and executive vice president, responsible for financial plans, policies and financial compliance.
“We are pleased to welcome Tom to the organization,” Thomas R. Quinn Jr., Orrstown’s president and CEO, said in a statement. “His broad banking and financial experience at diverse and complex organizations will be invaluable as we continue to execute our strategic growth plans.”
Based in Shippensburg, Orrstown Financial is the parent of Orrstown Bank and Wheatland Financial Advisors Inc. It recently completed a merger with Maryland-based Hamilton Bank, bringing its assets to $2.5 billion. The company operates about 40 offices in southcentral Pennsylvania and Maryland.
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.
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