secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2022-12-28T23:59:59+00:00
Accession:  0000826154-22-000194
Event type: other_material
Sentiment:  positive
Materiality: 0.30
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615422000194/0000826154-22-000194-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615422000194/orrf-20221223.htm
  HTML page:      https://secwatch.observer/filing/0000826154-22-000194

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer