ORRSTOWN FINANCIAL SERVICES INC (ORRF): restructuring charge — Orrstown to close six branches; expects $534K charge and $1.7M annual savings

ORRSTOWN FINANCIAL SERVICES INC

Six branches to close: Lancaster (2), Camp Hill, Mechanicsburg, Spring Grove PA, Parkton MD.
One-time pre-tax charge of ~$534K; expected annual pre-tax savings of ~$1.7M.
Five closures subject to regulatory approval, expected Q4 2024; one consolidation in Q3 2024.
After closures, bank will have 38 full-service branches (avg $123M deposits) and 7 limited-service.
Closures align with client needs and branch network overlap after merger with Codorus Valley.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ORRSTOWN FINANCIAL SERVICES INC announced a restructuring with charges of approximately $534 thousand affecting branch network (Lancaster, PA (Oregon Pike); Camp Hill, PA; Mechanicsburg, PA (Bethany Village); Spring Grove, PA (Jefferson); Lancaster, PA (Centerville); Parkton, MD (Hereford)).

Type: restructuring
Charge: approximately $534 thousand
Affected area: branch network (Lancaster, PA (Oregon Pike); Camp Hill, PA; Mechanicsburg, PA (Bethany Village); Spring Grove, PA (Jefferson); Lancaster, PA (Centerville); Parkton, MD (Hereford))

Exact text from the filing

intends to close six branch locations (the “Branch Closures”). The Branch Closures will result in a one-time pre-tax charge of approximately $534 thousand.

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Source: SEC EDGAR

accession 0000826154-24-000188

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