Orrstown sells Path Valley branch to Juniata Valley Bank; assumes $31.7M deposits at 6% premium

ORRSTOWN FINANCIAL SERVICES INC

Sale of Path Valley branch (Spring Run, PA) to Juniata Valley Bank; deposit liabilities ~$31.7M assumed; 6% premium on final deposit balance.
No Orrstown loans included; transaction includes branch real estate, furniture, equipment, and cash. Expected close Q2 2023.
Path Valley branch, previously set to close Dec 30, 2022, will remain open as Orrstown until closing, then become Juniata branch.
Orrstown's other four branch closures (Chambersburg, East Earl, Mechanicsburg, Orrstown) remain on schedule for Dec 30, 2022.
Orrstown CEO says sale allows Path Valley community to keep in-person banking while achieving strategic objectives and shareholder value.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ORRSTOWN FINANCIAL SERVICES INC entered into Purchase and Assumption Agreement with The Juniata Valley Bank valued at approximately $31.7 million (effective 2022-12-23).

Action: entry
Agreement: asset purchase
Counterparty: The Juniata Valley Bank
Value: approximately $31.7 million
Effective: 2022-12-23

Exact text from the filing

On December 23, 2022, Orrstown Bank (“Orrstown”), a wholly-owned subsidiary of Orrstown Financial Services, Inc. (the “Company”), announced that it had entered into a Purchase and Assumption Agreement (the “Agreement”) with The Juniata Valley Bank (“Juniata”), a wholly-owned subsidiary of Juniata Valley Financial Corp., providing for the sale of Orrstown’s Path Valley branch located at 16400 Path Valley Road in Spring Run, PA (the “Branch”) to Juniata.

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23 material agreements filed in the last 30 days. Browse all material agreements →

ORRSTOWN FINANCIAL SERVICES INC filing history →

Source: SEC EDGAR

accession 0000826154-22-000194

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