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

Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2023-12-12T23:59:59+00:00
Accession:  0001193125-23-293399
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 5.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000119312523293399/0001193125-23-293399-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000119312523293399/d496229d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-293399

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