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Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. Announce Receipt of Shareholder Approvals for Merger of Equals

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목요일, 5월 30, 2024

PeoplesBank, Agreement, Plan, Financial services

SHIPPENSBURG, Pa. and YORK, Pa., May 30, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (“Orrstown”) (NASDAQ: ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. (“Codorus Valley”) (NASDAQ: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they each received shareholder approval for the previously announced merger of equals.

Key Points:

SHIPPENSBURG, Pa. and YORK, Pa., May 30, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (“Orrstown”) (NASDAQ: ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. (“Codorus Valley”) (NASDAQ: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they each received shareholder approval for the previously announced merger of equals.
At a special meeting of shareholders held on May 30, 2024, Codorus Valley’s shareholders approved the merger of Codorus Valley with and into Orrstown, with Orrstown as the surviving corporation (the “Merger”), the Agreement and Plan of Merger, dated as of December 12, 2023 (the “Merger Agreement”), by and between Orrstown and Codorus Valley, and the compensation payable to the named executive officers of Codorus Valley in connection with the Merger.
At a special meeting of shareholders held on May 30, 2024, Orrstown shareholders approved the issuance of shares of Orrstown common stock to Codorus Valley shareholders pursuant to the Merger Agreement.
Thomas R. Quinn, Jr., Orrstown’s President and Chief Executive Officer, commented “The receipt of shareholder approval marks an important milestone for our merger of equals.

Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. Announce Receipt of Shareholder Approvals for Merger of Equals

Retrieved on:

목요일, 5월 30, 2024

PeoplesBank, Agreement, Plan, Financial services

SHIPPENSBURG, Pa. and YORK, Pa., May 30, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (“Orrstown”) (NASDAQ: ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. (“Codorus Valley”) (NASDAQ: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they each received shareholder approval for the previously announced merger of equals.

Key Points:

SHIPPENSBURG, Pa. and YORK, Pa., May 30, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (“Orrstown”) (NASDAQ: ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. (“Codorus Valley”) (NASDAQ: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they each received shareholder approval for the previously announced merger of equals.
At a special meeting of shareholders held on May 30, 2024, Codorus Valley’s shareholders approved the merger of Codorus Valley with and into Orrstown, with Orrstown as the surviving corporation (the “Merger”), the Agreement and Plan of Merger, dated as of December 12, 2023 (the “Merger Agreement”), by and between Orrstown and Codorus Valley, and the compensation payable to the named executive officers of Codorus Valley in connection with the Merger.
At a special meeting of shareholders held on May 30, 2024, Orrstown shareholders approved the issuance of shares of Orrstown common stock to Codorus Valley shareholders pursuant to the Merger Agreement.
Thomas R. Quinn, Jr., Orrstown’s President and Chief Executive Officer, commented “The receipt of shareholder approval marks an important milestone for our merger of equals.

Codorus Valley Bancorp, Inc. Reports First Quarter 2024 Results

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목요일, 4월 25, 2024

Corporation, FHLB, PeoplesBank, Treasury, Insurance, Plan, South Central Pennsylvania, Orrstown, Pennsylvania, Environment, Investment Securities, Bank, FDIC, GAAP, Growth, Disclosure, Airline

As a result, the Corporation realized merger-related expenses of $118,000 in the first quarter 2024.

Key Points:

As a result, the Corporation realized merger-related expenses of $118,000 in the first quarter 2024.
YORK, Pa., April 25, 2024 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (the “Corporation”) (NASDAQ: CVLY), parent company of PeoplesBank, A Codorus Valley Company (“PeoplesBank”, or the “Bank”), today reported net income of $4.3 million or $0.44 per diluted common share, for the quarter ended March 31, 2024.
Nonperforming assets increased $3.4 million, or 85.0 percent to $7.4 million from December 31, 2023 to March 31, 2024.
The average cost of interest-bearing deposits increased to 2.86 percent for the quarter ended March 31, 2024, compared to 1.43 percent for the quarter ended March 31, 2023 and 2.59 percent for the quarter ended December 31, 2023.

Codorus Valley Bancorp, Inc. Declares Quarterly Cash Dividend

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수요일, 4월 10, 2024

South Central Pennsylvania, Common stock, PeoplesBank

YORK, Pa., April 10, 2024 (GLOBE NEWSWIRE) -- On April 9, 2024, the Board of Directors of Codorus Valley Bancorp, Inc. (the “Corporation”) (Nasdaq: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.17 per common share, payable on May 14, 2024, to shareholders of record at the close of business on May 7, 2024.

Key Points:

YORK, Pa., April 10, 2024 (GLOBE NEWSWIRE) -- On April 9, 2024, the Board of Directors of Codorus Valley Bancorp, Inc. (the “Corporation”) (Nasdaq: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.17 per common share, payable on May 14, 2024, to shareholders of record at the close of business on May 7, 2024.
With assets of over $2 billion, PeoplesBank, A Codorus Valley Company, is a wholly owned subsidiary of Codorus Valley Bancorp, Inc., the largest independent financial institution headquartered in York County, Pennsylvania.
PeoplesBank offers a full range of consumer, business, wealth management, and mortgage services at financial centers located in communities throughout South Central Pennsylvania and Central Maryland.
Codorus Valley Bancorp, Inc.’s Common Stock is listed on the NASDAQ Global Market under the symbol CVLY.

Codorus Valley Bancorp, Inc. Reports Fourth Quarter 2023 Results and Record Earnings for the Year

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목요일, 1월 25, 2024

As a result, the Corporation realized merger-related expenses of $956,000 in the fourth quarter 2023.

Key Points:

As a result, the Corporation realized merger-related expenses of $956,000 in the fourth quarter 2023.
Excluding the impact of $956,000 in merger-related expenses, net income and diluted earnings per share, respectively, were $6.2 million(1) and $0.64(1) for the quarter ended December 31, 2023.
"Our robust performance in the fourth quarter is a testament to the dedicated efforts of our team over the past several years, resulting in Codorus Valley achieving its highest annual earnings on record.
Loans increased $72.8 million from December 31, 2022 to December 31, 2023, an annualized growth rate of 4.5 percent.

Codorus Valley Bancorp, Inc. Declares Quarterly Cash Dividend

Retrieved on:

수요일, 1월 10, 2024

South Central Pennsylvania, PeoplesBank, Common stock

YORK, Pa., Jan. 10, 2024 (GLOBE NEWSWIRE) -- On January 9, 2024, the Board of Directors of Codorus Valley Bancorp, Inc. (the “Corporation”) (Nasdaq: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.17 per common share, payable on February 13, 2024, to shareholders of record at the close of business on January 23, 2024.

Key Points:

YORK, Pa., Jan. 10, 2024 (GLOBE NEWSWIRE) -- On January 9, 2024, the Board of Directors of Codorus Valley Bancorp, Inc. (the “Corporation”) (Nasdaq: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.17 per common share, payable on February 13, 2024, to shareholders of record at the close of business on January 23, 2024.
With assets of over $2 billion, PeoplesBank, A Codorus Valley Company, is a wholly owned subsidiary of Codorus Valley Bancorp, Inc., the largest independent financial institution headquartered in York County, Pennsylvania.
PeoplesBank offers a full range of consumer, business, wealth management, and mortgage services at financial centers located in communities throughout South Central Pennsylvania and Central Maryland.
Codorus Valley Bancorp, Inc.’s Common Stock is listed on the NASDAQ Global Market under the symbol CVLY.

Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. Announce a Merger of Equals to Create a Premier Pennsylvania and Maryland Community Banking Franchise

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화요일, 12월 12, 2023

Culture, Partnership, CFO, Marketing, Administration, Financial services, Holland & Knight, PeoplesBank, P. A. Thomas, Keefe, Bruyette & Woods, Codorus, Growth, Baltimore metropolitan area, Security (finance), Organization, Management

This merger is a testament to our dedication to innovation, client satisfaction, community engagement and long-term growth in the dynamic landscape of the financial industry.

Key Points:

This merger is a testament to our dedication to innovation, client satisfaction, community engagement and long-term growth in the dynamic landscape of the financial industry.
The combined company will operate under the "Orrstown Financial Services, Inc." name, and the combined bank will operate under the "Orrstown Bank" name.
The combined company's Board of Directors will consist of seven directors from Orrstown and six directors from Codorus Valley.
Codorus Valley directors and executive officers have entered into agreements with Orrstown pursuant to which they have committed to vote their shares of Codorus Valley common stock in favor of the merger of Codorus Valley with and into Orrstown.

Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. Announce a Merger of Equals to Create a Premier Pennsylvania and Maryland Community Banking Franchise

Retrieved on:

화요일, 12월 12, 2023

This merger is a testament to our dedication to innovation, client satisfaction, community engagement and long-term growth in the dynamic landscape of the financial industry.

Key Points:

This merger is a testament to our dedication to innovation, client satisfaction, community engagement and long-term growth in the dynamic landscape of the financial industry.
The combined company will operate under the "Orrstown Financial Services, Inc." name, and the combined bank will operate under the "Orrstown Bank" name.
The combined company's Board of Directors will consist of seven directors from Orrstown and six directors from Codorus Valley.
Codorus Valley directors and executive officers have entered into agreements with Orrstown pursuant to which they have committed to vote their shares of Codorus Valley common stock in favor of the merger of Codorus Valley with and into Orrstown.

PeoplesBank and Driver Management End Cooperation Agreement

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화요일, 10월 31, 2023

Growth, PeoplesBank, File

YORK, Pa., Oct. 31, 2023 (GLOBE NEWSWIRE) -- PeoplesBank, A Codorus Valley Company, and Driver Management Company LLC and its affiliates (collectively, “Driver Management”), have jointly announced the conclusion of their cooperation agreement, effective October 30, 2023.

Key Points:

YORK, Pa., Oct. 31, 2023 (GLOBE NEWSWIRE) -- PeoplesBank, A Codorus Valley Company, and Driver Management Company LLC and its affiliates (collectively, “Driver Management”), have jointly announced the conclusion of their cooperation agreement, effective October 30, 2023.
This amicable decision marks the end of a period of collaboration and opens new chapters for both parties.
Craig L. Kauffman, President and CEO of PeoplesBank, expressed the bank's appreciation for the valuable contributions of Driver Management during the period of cooperation, saying, "We are grateful for Driver Management's commitment to our bank and its shareholders.
The insights and recommendations shared have been integral in our pursuit of growth and innovation."

Codorus Valley Bancorp, Inc. Reports Third Quarter 2023 Earnings

Retrieved on:

목요일, 10월 26, 2023

YORK, Pa., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (“Codorus Valley”, or the “Corporation”) (NASDAQ: CVLY), parent company of PeoplesBank, A Codorus Valley Company (“PeoplesBank”, or the “Bank”), today reported net income of $5.9 million or $0.61 per diluted common share, for the quarter ended September 30, 2023. This compares to net income of $7.2 million or $0.75 per diluted common share, for the quarter ended September 30, 2022, representing a decrease of $1.2 million or 17.3 percent, and compares to net income of $6.6 million or $0.69 per diluted common share for the second quarter of 2023, representing a decrease of $700,000 or 10.5 percent. For the first nine months of 2023, net income was $19.5 million or $2.03 per diluted share, compared to $12.2 million or $1.27 per diluted share, for the first nine months of 2022, representing an increase of $7.4 million or 60.5 percent.

Key Points:

YORK, Pa., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (“Codorus Valley”, or the “Corporation”) (NASDAQ: CVLY), parent company of PeoplesBank, A Codorus Valley Company (“PeoplesBank”, or the “Bank”), today reported net income of $5.9 million or $0.61 per diluted common share, for the quarter ended September 30, 2023.
The unrealized loss on the securities portfolio was $56.0 million at September 30, 2023, compared to $47.7 million at September 30, 2022 and $46.6 million at June 30, 2023.
During the three months ended September 30, 2023 overall deposit activity continued to stabilize as deposits increased $23.7 million or 1.3 percent from the quarter ended June 30, 2023.
Income tax expense for the quarter ended September 30, 2023 was $1.5 million compared to $2.1 million for the same period in 2022 and $1.9 million in the quarter ended June 30, 2023.