Brief: Orrstown Financial Services And Codorus Valley Bancorp Announce A Merger Of Equals

Codorus Valley Bancorp

12/12/2023 21:13

Dec 12 (Reuters) - Codorus Valley Bancorp Inc  CVLY.O :
    * ORRSTOWN FINANCIAL SERVICES, INC. AND CODORUS VALLEY
BANCORP,
INC. ANNOUNCE A MERGER OF EQUALS TO CREATE A PREMIER
PENNSYLVANIA AND MARYLAND COMMUNITY BANKING FRANCHISE
    * ORRSTOWN FINANCIAL SERVICES INC - PROPOSED DEAL FOR $207.0
MILLION
    * ORRSTOWN FINANCIAL SERVICES INC - ORRSTOWN SHAREHOLDERS
WILL OWN
APPROXIMATELY 56% OF OUTSTANDING SHARES OF COMBINED COMPANY
    * ORRSTOWN FINANCIAL SERVICES INC - CODORUS VALLEY
SHAREHOLDERS
WILL OWN APPROXIMATELY 44% OF OUTSTANDING SHARES OF COMBINED
COMPANY
    * ORRSTOWN FINANCIAL SERVICES -  ENTERED INTO DEFINITIVE
AGREEMENT
BY WHICH CODORUS VALLEY WILL MERGE WITH AND INTO ORRSTOWN IN AN
ALL-STOCK TRANSACTION
    * ORRSTOWN FINANCIAL SERVICES- NEIL KALANI, CURRENT CFO OF
ORRSTOWN FINANCIAL SERVICES, INC. WILL CONTINUE TO SERVE AS CFO
OF COMBINED COMPANY
    * ORRSTOWN FINANCIAL SERVICES INC - COMBINED COMPANY WILL
OPERATE
UNDER "ORRSTOWN FINANCIAL SERVICES, INC." NAME
    * ORRSTOWN FINANCIAL SERVICES INC - COMBINED BANK WILL
OPERATE
UNDER "ORRSTOWN BANK" NAME
    * ORRSTOWN FINANCIAL SERVICES- CRAIG L. KAUFFMAN WILL BE
APPOINTED
PRESIDENT AND CHIEF EXECUTIVE OFFICER OF COMBINED COMPANY ON OR
ABOUT JUNE 1, 2025
    * ORRSTOWN FINANCIAL SERVICES INC: PROPOSED DEAL FOR $21.31
PER
SHARE OF CODORUS VALLEY COMMON STOCK

Source text for Eikon:  ID:nGNXc7lWqs 
Further company coverage:  CVLY.O 

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