---
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"
generated_at: "2026-06-07T14:30:38.407020+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Orrstown to acquire Codorus Valley in stock deal; Kauffman to become CEO

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 5.03, 7.01, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-293399
- JSON: https://secwatch.observer/filing/0001193125-23-293399.json
- Plain text: https://secwatch.observer/filing/0001193125-23-293399.txt

## Key facts
- Governance Changes
  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).
  - Change: bylaw amendment
  - Effective: 2023-12-12
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/826154/000119312523293399/0001193125-23-293399-index.htm
- Material Agreements
  ORRSTOWN FINANCIAL SERVICES INC entered into Agreement and Plan of Merger with Codorus Valley Bancorp, Inc. (effective 2023-12-12).
  - Action: entry
  - Agreement: merger
  - Counterparty: Codorus Valley Bancorp, Inc.
  - Effective: 2023-12-12
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/826154/000119312523293399/0001193125-23-293399-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.