Press release
Orrstown Announces Utilization of Existing Share Repurchase Authorization
SHIPPENSBURG, Pa., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. ("Orrstown" or the “Company”) (NASDAQ: ORRF), the parent company of
About this update from Orrstown Financial Services, Inc.
[{"type":"text","content":"SHIPPENSBURG, Pa., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (\"Orrstown\" or the “Company”) (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”) and Wheatland Advisors, Inc. (\"Wheatland\"), announced it has entered orders for its stock pursuant to the previously authorized Company’s 2015 share repurchase program. This program authorized the repurchase of 5% of shares or approximately 416,000 shares. The company has remaining authority to repurchase up to 333,275 shares. At this time, Orrstown is unable to say with certainty whether it will be able to completely execute the intended repurchases with the limitations in place, but management ascertained that market conditions warranted an order that can be filled as shares become available. This order may be cancelled at management’s discretion.\n Thomas R. Quinn, Jr., President & CEO, commented, “We remain extremely confident about the core fundamentals of the Company. We continue to make progress on our 2020 strategic goals, including enhancing the profitability of the bank through focus on continuation of growth in our relationship community bank, branch efficiency optimization, balance sheet mix optimization and fee income growth, and improving operational processes to enhance efficiency, while never losing focus on the client experience. We are mindful that a strong capital base is the foundation of future growth and client acquisition. We strive to balance the need to retain capital for growth and return capital to shareholders. In early 2020, we announced a 13.3% increase to our dividend, from $0.15 per share to $0.17 per share. However, recent market conditions have compelled us to utilize our share repurchase authorization as yet another way to return capital to shareholders. We remain unwavering in our commitment to executing our strategic plan and we will use all the tools at our disposal to create value for our shareholders, which may look different as conditions evolve.” Investor Relations Contact:Media Contact:Matthew C. SchultheisLuke BernsteinDirector Strategic Planning and Investor RelationsCorporate Communications OfficerPhone (717) 510-7127Phone (717) 510-7107 About the Company With almost $2.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiaries, Orrstown Bank and Wheatland Advisors, Inc.,...