Press release
The Juniata Valley Bank and Orrstown Bank Announce Definitive Agreement for Sale of Orrstown’s Path Valley Branch to Juniata
MIFFLINTOWN, Pa. and SHIPPENSBURG, Pa., Dec. 23, 2022 (GLOBE NEWSWIRE) -- The Juniata Valley Bank, a wholly-owned subsidiary of Juniata Valley Financial Corp.
About this update from Orrstown Financial Services, Inc.
[{"type":"text","content":"MIFFLINTOWN, Pa. and SHIPPENSBURG, Pa., Dec. 23, 2022 (GLOBE NEWSWIRE) -- The Juniata Valley Bank, a wholly-owned subsidiary of Juniata Valley Financial Corp. (OTCQX:JUVF) (“Juniata”), and Orrstown Bank, a wholly-owned subsidiary of Orrstown Financial Services, Inc. (NASDAQ: ORRF) (“Orrstown”), jointly announced today that they have entered into a Purchase and Assumption Agreement (the “Agreement”) providing for the sale of Orrstown’s Path Valley branch, located at 16400 Path Valley Road in Spring Run, PA, to Juniata. Pursuant to the terms of the Agreement, The Juniata Valley Bank has agreed to assume certain deposit liabilities totaling approximately $31.7 million and purchase certain assets, including the Path Valley branch real estate, furniture, equipment and cash. No Orrstown loans are being purchased or sold in the transaction. The transaction is subject to customary deposit balance adjustments and closing conditions, including the receipt of all required regulatory approvals, and is expected to close in the second quarter of 2023. The Path Valley branch will remain open as an Orrstown Bank branch through closing and, after closing, will become a branch of The Juniata Valley Bank. Customers of the Path Valley branch will receive additional information regarding the transaction in the near future. Additional information on the transaction will be available in Current Reports on Form 8-K to be filed by both Juniata and Orrstown. Marcie A. Barber, President and CEO of Juniata, commented on the transaction: “We are excited about this transaction and the opportunity to further serve the Path Valley community by keeping the Path Valley branch office open. The acquisition of the branch is designed to enhance our service to the Path Valley corridor and evidences our commitment to rural banking markets. We look forward to engaging with the businesses and residents that have been served by this branch office. The acquisition of additional core deposits and valued customer relationships will allow us to direct greater resources and expanded banking services to this community and is expected to benefit our shareholders through operating efficiencies anticipated from our enhanced presence in the market.” “Since we announced our intention to close our Path Valley branch in September, 2022, management and our Board of Directors have focu...