Press release
Orrstown Financial Services, Inc. Announces: Initiatives To Assist Clients, Employees and Communities Affected By COVID-19; Changes to Annual Shareholder Meeting; Loan Concentration Data; Suspension of Share Repurchase Activity
HARRISBURG, Pa., March 24, 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":"HARRISBURG, Pa., March 24, 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., today announced steps it has taken to mitigate the impact of the COVID-19 virus outbreak on its customers, employees and communities. \n “We care about the health and wellness of everyone associated with Orrstown Bank, including our clients, our employees, and our neighbors,” said Thomas R. Quinn, Jr., President and CEO of Orrstown. “While we recognize that there may be temporary inconveniences for everyone during this time, we feel it is important for us to do our part to help slow the spread of this virus, and work with our clients to help them during this difficult time. These necessary and important steps we have taken are designed to enhance the safety of our clients, employees, and communities while still providing the Orrstown Bank experience many enjoy.” Orrstown has implemented the following steps in order to help mitigate the potential spread of this virus, and help our clients during this challenging time: Temporarily closed all branch lobbies for transaction purposes. Clients are still welcome to utilize any of the bank’s drive-up facilities, many of which now have extended hours. For a complete list of Orrstown Bank’s locations and hours, visit www.Orrstown.com. Encouraging clients to utilize the Bank’s online, mobile, and telephone banking services, as well as night drops and ATMs.Implemented a by-appointment only process, where we will meet with clients face-to-face for critical and essential needs that cannot be serviced remotely or via a drive-up, such as a loan settlement or safe deposit box access request.Waiving Orrstown fees on all foreign ATM transactions from March 18 through April 15, 2020.Waiving late fees on all loan payments for 60 days.Following federal guidance, we have designated loan experts available to work with clients to assist them during this challenging time.Activated a geographic diversification plan through which our key operational teams are divided and work from different locations.Implemented a work-from-home policy for employees whose primary responsibilities can be completed in this manner.Enhanced staffing levels at our Client Service Center to manage our increased call volu...