secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2024-08-05T23:59:59+00:00
Accession:  0000826154-24-000188
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Orrstown to close six branches; expects $534K charge and $1.7M annual savings
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000188/0000826154-24-000188-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000188/orrf-20240805.htm
  HTML page:      https://secwatch.observer/filing/0000826154-24-000188

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