{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-293399","form_type":"8-K","ticker":"ORRF","cik":"0000826154","company_name":"ORRSTOWN FINANCIAL SERVICES INC","filed_at":"2023-12-12T23:59:59+00:00","discovered_at":"2026-05-14T18:03:32.105311+00:00","generated_at":"2026-06-07T14:30:38.407020+00:00","sec_items":["1.01","5.03","7.01","8.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Orrstown to acquire Codorus Valley in stock deal; Kauffman to become CEO","bullets":["Codorus Valley shareholders to receive 0.875 Orrstown shares per CVLY share (exchange ratio).","Termination fee of $8.3 million payable by either party under certain conditions.","Board expands to 13 members with 6 directors from Codorus Valley; Zullinger Chairman, Messick Vice Chairman.","Craig Kauffman (Codorus Valley CEO) to become Orrstown President/CEO by June 1, 2025; $600k salary + 10,000 restricted shares.","Orrstown amended bylaws to eliminate director age limit of 75."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-293399","json":"https://secwatch.observer/filing/0001193125-23-293399.json","markdown":"https://secwatch.observer/filing/0001193125-23-293399.md","text":"https://secwatch.observer/filing/0001193125-23-293399.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/826154/000119312523293399/0001193125-23-293399-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/826154/000119312523293399/d496229d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T14:30:38.407020+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0274a4cc07908c14ba14b3c577cf3386507ecefa","claim":"ORRSTOWN FINANCIAL SERVICES INC: Eliminated director age limitation of 75 years of age in Article III, Section 3-14 of the By-Laws (effective 2023-12-12).","evidence_excerpt":"Effective December 12, 2023, the board of directors of Orrstown amended Article III, Section 3-14 of the By-Laws to eliminate the director age limitation of 75 years of age.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/826154/000119312523293399/0001193125-23-293399-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"bylaw amendment"},{"label":"Effective","value":"2023-12-12"}],"fact_type":"governance_change"},{"claim_id":"e3f6a71b122d44a3319915adddb9675d1a62301b","claim":"ORRSTOWN FINANCIAL SERVICES INC entered into Agreement and Plan of Merger with Codorus Valley Bancorp, Inc. (effective 2023-12-12).","evidence_excerpt":"On December 12, 2023, Orrstown Financial Services, Inc., a Pennsylvania corporation (“ Orrstown ”), and Codorus Valley Bancorp, Inc., a Pennsylvania corporation (“ Codorus Valley ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/826154/000119312523293399/0001193125-23-293399-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"merger"},{"label":"Counterparty","value":"Codorus Valley Bancorp, Inc."},{"label":"Effective","value":"2023-12-12"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}