HARRISBURG, Pa. – Shareholders of Orrstown Financial Services and Codorus Valley Bancorp have approved the combination of the two banks.
Orrstown, parent company of Orrstown Bank, and Codorus Valley announced plans to combine in December. Codorus Valley is the parent company of PeoplesBank. Shareholders of both voted in favor of the deal on May 30.
The company will continue under the Orrstown Financial Services name, with headquarters in Harrisburg, Dauphin County.
The votes “bring us one step closer to providing enhanced financial services to our valued clients,” Codorus Valley Chief Executive and President Craig L. Kauffman said in a statement.
The banks expect to complete the combination in third quarter of this year.
Orrstown Bank operates in several counties in Maryland and Pennsylvania, including Berks, Lancaster and York.
Codorus Valley, based in York, Pennsylvania, operates in south central Pennsylvania and central Maryland.
Shares in Orrstown Financial are traded on the Nasdaq under the ticker symbol ORRF (closing price Friday was $26.11) and Codorus Valley shares are traded as CVLY (closing price $22.00).
When the transaction was announced, the banks said shareholders in Codorus Valley will receive 0.875 share of Orrstown Financial for each Codorus Valley.
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