SHIPPENSBURG, Pa., April 8, 2011 /PRNewswire/ -- Orrstown Financial Services, Inc. (NASDAQ: ORRF), parent company of Orrstown Bank, is pleased to announce that it has been included on Keefe, Bruyette & Woods, Inc.'s (KBW) Bank Honor Roll. On March 1, 2011 KBW named 40 U.S. banking institutions to its "Bank Honor Roll" of superior performers, out of nearly 400 screened. According to their press release, Honor Roll winners are publicly traded banking companies with at least $500 million in total assets that meet the following three conditions:
- No annual loss reported in net income per share before extraordinary items over the past 10 years.
- 2010 annual reported net income per-share before extraordinary items must have been equal to or greater than peak net income per-share over the past 10 years.
- Consecutive increases in net income per-share before extraordinary items since 2009.
"We believe the past decade has provided an adequate framework for judging bank performance, particularly given all the obstacles that have arisen," noted KBW Chairman & CEO John Duffy, in KBW's original press release announcing the winners of KBW's Bank Honor Roll. "These banks have successfully navigated a variety of different and sometimes difficult operating environments, which have included everything from deteriorating credit quality to inverted yield curves and rising unemployment."
Thomas R. Quinn, Jr., President and CEO of Orrstown Financial Services, Inc., commented, "Inclusion on KBW's Honor Roll is a testament to the strength of our organization. We have regularly produced solid results and last year posted the strongest earnings ever in the 91 year history of the organization. Consistent results of this magnitude would not be possible without the support of our customers, employees, shareholders, and Board of Directors."
With over $1.5 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty 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 traded 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 Corporation's business strategy due to changes in current or future market conditions; the effects of competition, including industry consolidation and development of competing financial products and services; changes in laws and regulations, including the recent Dodd-Frank Wall Street Reform and Consumer Protection Act; 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.