Orrstown Bank Announces Consolidation of Hagerstown, Md. Branches
SHIPPENSBURG, Pa., July 9 /PRNewswire-FirstCall/ -- Orrstown Financial Services, Inc., the parent company of Orrstown Bank, (Nasdaq: ORRF) announced today that effective November 30, 2010 it will close its branch at 201 South Cleveland Avenue, Hagerstown, Maryland 21740 as a result of opening a new financial center at 1020 Professional Court. The Cleveland Avenue branch was opened in March, 2006 and was viewed as a temporary solution until the bank could build a full service facility to serve the Hagerstown area. In September, 2008 Orrstown Bank opened a flagship office at 1020 Professional Court (off Eastern Boulevard) to meet the needs of this growing market.
Commenting on the branch consolidation Thomas R. Quinn, Jr., President & CEO, said, "We are absolutely committed to expanding our presence in the Hagerstown market. The tremendous success of our Eastern Boulevard Office meant that the limited service facility on Cleveland Avenue was no longer necessary. We are actively pursuing additional locations in Hagerstown and the surrounding area to bring our brand of community banking to Maryland."
Current customers of the Cleveland Avenue branch will have their accounts transferred to the Eastern Boulevard office, which is less than two miles away. All employees at the Cleveland Avenue branch are being retained and will work at nearby locations.
With over $1.3 billion in assets, Orrstown Financial Services, Inc. and its subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.'s stock is quoted on the NASDAQ Capital Market under the symbol ORRF.
Safe Harbor Statement: This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the Company's business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Orrstown Financial Services, Inc.'s filings with the Securities and Exchange Commission. The statements are valid only as of the date hereof and Orrstown Financial Services, Inc. disclaims any obligation to update this information.
SOURCE Orrstown Financial Services, Inc.
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