Creating a Strong Community Bank in Pennsylvania and Maryland

  • Orrstown Financial Services to acquire Codorus Valley Bancorp in a $207 million all-stock transaction
  • Deal will create a Pennsylvania and Maryland community bank with $5.2 billion in assets
  • Orrstown shareholders will own 56% of the combined company
  • Expected to close in the third quarter of 2024

Orrstown Financial Services has announced its agreement to acquire Codorus Valley Bancorp in an all-stock transaction valued at $207 million. The deal will result in the creation of a Pennsylvania and Maryland community bank with approximately $5.2 billion in assets. Orrstown shareholders will hold a majority stake of 56% in the combined company. The transaction is expected to be completed in the third quarter of 2024 and the combined company will trade on the Nasdaq Global Select Market under the symbol ORRF with the Orrstown Financial Services name.

Public Companies: Orrstown Financial Services (ORRF), Codorus Valley Bancorp (N/A)
Private Companies:
Key People:

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Factuality Level: 8
Justification: The article provides clear and concise information about the acquisition of Codorus Valley Bancorp by Orrstown Financial Services. It includes details about the transaction value, the creation of a community bank, and the approval of the agreement by both boards of directors. The article does not contain any irrelevant or misleading information, and there is no apparent bias or opinion presented as fact. However, the article could have provided more context about the companies involved and the potential impact of the acquisition.

Noise Level: 3
Justification: The article provides relevant information about the acquisition of Codorus Valley Bancorp by Orrstown Financial Services. It includes details about the transaction value, the creation of a community bank, and the approval of the agreement. However, it lacks in-depth analysis, scientific rigor, and actionable insights. The article stays on topic and supports its claims with information about the ownership structure and the trading symbol.

Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this news article are the stock market and the banking sector.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: This news article pertains to a financial transaction between Orrstown Financial Services and Codorus Valley Bancorp. It does not describe any extreme event or have any significant impact on financial markets or companies.

Reported publicly: www.marketwatch.com