Orrstown Announces Acquisition Approval
Orrstown Financial Services, Inc. Announces Receipt of Regulatory and Stockholder Approvals for the Acquisition of Mercersburg Financial Corporation
SHIPPENSBURG, PA—September 13, 2018 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) (“Orrstown”) announced today that it has received the required regulatory approvals and waivers from the Board of Governors of the Federal Reserve System and the Pennsylvania Department of Banking and Securities to complete the acquisition of Mercersburg Financial Corporation (OTC Pink:MCBG) (“Mercersburg”) and the related merger of First Community Bank of Mercersburg with and into Orrstown Bank. Orrstown and Mercersburg also announced that, at a special meeting held on September 11, 2018, the stockholders of Mercersburg approved the transaction with 97% of the shares voted at the special meeting voting in favor of the transaction.
“We are very excited to announce regulatory and shareholder approval that will pave the way for Orrstown and Mercersburg to merge into one strong community bank,” said Thomas R. Quinn, Jr., President & CEO of Orrstown Bank. “Mercersburg and Orrstown are community banks with similar cultures and values, and we are dedicated to ensuring this is a seamless transition for our customers. I would like to thank Bob Fignar, President and CEO of Mercersburg, for his diligence and dedication in helping to lead this effort.”
The parties anticipate closing the transaction on October 1, 2018, subject to customary closing conditions. Until closing, First Community Bank of Mercersburg will continue serving customers and daily operations
will continue as usual.
With approximately $1.6 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiaries, Orrstown Bank and Wheatland Advisors, Inc., provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Washington County, Maryland. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.Orrstown.com. For more information about Wheatland Advisors, Inc., visit www.WheatlandAdvisors.com.