secwatch.observer — SEC 8-K summary
======================================

Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2024-07-01T23:59:59+00:00
Accession:  0001140361-24-031867
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 2.01, 2.03, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Orrstown completes merger with Codorus Valley; 0.875 exchange ratio, combined entity trades as ORRF
--------------------------------------------------------------------------------

- Merger of equals completed July 1, 2024; CVLY shareholders receive 0.875 ORRF shares per share.
- Combined company trades as ORRF; former CVLY shareholders own ~44% of combined entity.
- Board expanded to 13 directors, including 6 from Codorus Valley; 4 ORRF directors resigned.
- Craig Kauffman named EVP/COO, to succeed as CEO by June 1, 2025; base salary $600k, 10k RSU grant.
- Orrstown assumed $41.3M in trust preferred and subordinated debt from Codorus Valley.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000114036124031867/0001140361-24-031867-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000114036124031867/ef20031890_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-031867

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