HARRISBURG, Pa., July 01, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (NASDAQ:ORRF), the holding company for Orrstown Bank ("Orrstown"), and Codorus Valley Bancorp, Inc. (NASDAQ:CVLY), the holding company for PeoplesBank, A Codorus Valley Company ("Codorus Valley"), today announced the successful completion of their previously announced merger of equals creating a premier Pennsylvania and Maryland community bank. "We are excited to move forward as one unified organization, leveraging our combined strengths to deliver even greater value to our clients, shareholders, community partners, and employees," said Thomas R. Quinn, Jr., Orrstown's President and Chief Executive Office

SHIPPENSBURG, Pa. and YORK, Pa., June 17, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. ("Orrstown") (NASDAQ:ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. ("Codorus Valley") (NASDAQ:CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they have received the requisite regulatory approvals and waivers from the Board of Governors of the Federal Reserve System and the Pennsylvania Department of Banking and Securities for their previously announced merger of equals. The parties anticipate closing the transaction on July 1, 2024, subject to the satisfaction of customary closing conditions. About Orrstown Orrstown F

SHIPPENSBURG, Pa. and YORK, Pa., May 30, 2024 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. ("Orrstown") (NASDAQ:ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. ("Codorus Valley") (NASDAQ:CVLY), the parent company of PeoplesBank, A Codorus Valley Company, today announced that they each received shareholder approval for the previously announced merger of equals. At a special meeting of shareholders held on May 30, 2024, Codorus Valley's shareholders approved the merger of Codorus Valley with and into Orrstown, with Orrstown as the surviving corporation (the "Merger"), the Agreement and Plan of Merger, dated as of December 12, 2023 (the "Merger Agreement"

First quarter net income of $4.3 million compared to net income of $7.0 million in the quarter ended March 31, 2023, and $5.5 million in the quarter ended December 31, 2023;Net interest margin of 3.34% for the quarter ended March 31, 2024, a 66-basis point decrease from the net interest margin of 4.00% for the quarter ended March 31, 2023;Tier 1 leverage capital ratio of 10.80% for the quarter ending March 31, 2024, a 60-basis point increase from the tier 1 leverage capital ratio of 10.20% for the quarter ending March 31, 2023;Year-to-date efficiency ratio of 73.91%; return on average assets of 0.77%; and return on equity of 8.48%;Cash dividend of $0.17 per common share payable on May 14, 20

YORK, Pa., April 10, 2024 (GLOBE NEWSWIRE) -- On April 9, 2024, the Board of Directors of Codorus Valley Bancorp, Inc. (the "Corporation") (NASDAQ:CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.17 per common share, payable on May 14, 2024, to shareholders of record at the close of business on May 7, 2024.   With assets of over $2 billion, PeoplesBank, A Codorus Valley Company, is a wholly owned subsidiary of Codorus Valley Bancorp, Inc., the largest independent financial institution headquartered in York County, Pennsylvania. PeoplesBank offers a full range of consumer, business, wealth management, and mortgage services

Fourth quarter net income of $5.5 million compared to net income of $7.9 million in the quarter ended December 31, 2022, and $5.9 million in the quarter ended September 30, 2023;Net income of $25.0 million for the year ended December 31, 2023, compared to net income of $20.1 million for the year ended December 31, 2022;Net interest margin of 3.76% for the year ended December 31, 2023, a 37-basis point increase from the net interest margin of 3.39% for the year ended December 31, 2022;Year-to-date efficiency ratio of 65.75%; return on average assets of 1.15%; and return on equity of 13.47%;Continued improvement in credit metrics with nonperforming assets to total loans of 0.23% at December 31

YORK, Pa., Jan. 10, 2024 (GLOBE NEWSWIRE) -- On January 9, 2024, the Board of Directors of Codorus Valley Bancorp, Inc. (the "Corporation") (NASDAQ:CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.17 per common share, payable on February 13, 2024, to shareholders of record at the close of business on January 23, 2024.   With assets of over $2 billion, PeoplesBank, A Codorus Valley Company, is a wholly owned subsidiary of Codorus Valley Bancorp, Inc., the largest independent financial institution headquartered in York County, Pennsylvania. PeoplesBank offers a full range of consumer, business, wealth management, and mortga

SHIPPENSBURG, Pa. and YORK, Pa., Dec. 12, 2023 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. ("Orrstown") (NASDAQ:ORRF), the parent company of Orrstown Bank, and Codorus Valley Bancorp, Inc. ("Codorus Valley") (NASDAQ:CVLY), the parent company of PeoplesBank, A Codorus Valley Company ("PeoplesBank"), today announced they have entered into a definitive agreement pursuant to which Codorus Valley will merge with and into Orrstown in an all-stock transaction valued at approximately $207.0 million, or $21.31 per share of Codorus Valley common stock, based on the $24.35 closing price of Orrstown common stock on December 11, 2023. Transaction Highlights: Merger of Equals transaction cre

YORK, Pa., Oct. 31, 2023 (GLOBE NEWSWIRE) -- PeoplesBank, A Codorus Valley Company, and Driver Management Company LLC and its affiliates (collectively, "Driver Management"), have jointly announced the conclusion of their cooperation agreement, effective October 30, 2023. This amicable decision marks the end of a period of collaboration and opens new chapters for both parties. Craig L. Kauffman, President and CEO of PeoplesBank, expressed the bank's appreciation for the valuable contributions of Driver Management during the period of cooperation, saying, "We are grateful for Driver Management's commitment to our bank and its shareholders. The insights and recommendations shared have been

  Third quarter net income of $5.9 million compared to net income of $7.2 million in the quarter ended September 30, 2022, and $6.6 million in the quarter ended June 30, 2023; Net income of $19.5 million for the year ended September 30, 2023 compared to $12.2 million for the year ended September 30, 2022;Net interest margin of 3.81% for the nine months ended September 30, 2023, an increase from the net interest margin of 3.21% for the nine months ended September 30, 2022;Third quarter efficiency ratio of 66.95%; return on average assets of 1.08%; and return on equity of 12.64%;Steady performance in credit metrics with nonperforming assets to total loans of 0.47% at September 30, 2023, a de

YORK, Pa., July 28, 2022 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (Codorus Valley, or the Corporation) (NASDAQ:CVLY), parent company of PeoplesBank, A Codorus Valley Company (PeoplesBank), today announced net income of $2.0 million or $0.20 per diluted share, for the quarter ended June 30, 2022. This compares to a net income of $3.1 million or $0.32 per diluted share for the quarter ended March 31, 2022, representing a decrease of $1.1 million or 36.0 percent and net income of $3.3 million or $0.33 per diluted share, for the quarter ended June 30, 2021. For the first six months of 2022, net income was $5.0 million or $0.52 per diluted share, compared to $7.2 million or $0.73 per di

Appoints Kent K. Matsumoto, Esq. as director Appoints Scott V. Fainor as director YORK, Pa., June 14, 2022 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (NASDAQ:CVLY) ("the Company"), parent company of PeoplesBank, A Codorus Valley Company ("PeoplesBank"), announces two appointments to its Board of Directors ("the Board"). Board & Committee AppointmentsThe Board of Directors has appointed current PeoplesBank Director Kent K. Matsumoto, Esq. as director of the Company effective June 14, 2022. Mr. Matsumoto will serve as a Class A Director of the Company. In addition, he has been appointed to the Corporate Governance and Nominating Committee of the Company Board of Directors. Mr. Mats

YORK, Pa., April 28, 2022 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (Codorus Valley, or the Corporation) (NASDAQ:CVLY), parent company of PeoplesBank, A Codorus Valley Company (PeoplesBank), today announced net income of $3.1 million or $0.32 per diluted share, for the quarter ended March 31, 2022. This compares to a net income of $2.7 million or $0.28 per diluted share for the quarter ended December 31, 2021, representing an increase of $359,000 or 13.3 percent and net income of $3.9 million or $0.40 per diluted share, for the quarter ended March 31, 2021. First quarter financial and operational highlights include: Quarterly net income of $3.1 million compared to net income of $3

Maintained cash dividend at $0.15 per sharePurchased 158,073 shares at a weighted average price of $22.30 during the fourth quarter Board of Directors appointed new Chair, Vice Chair and Director in the fourth quarterBoard of Directors approved and adopted Amended and Restated By-laws of the Corporation in the fourth quarterNew online mortgage application and Everday Rewards+ credit card fully launched in the fourth quarterHunt Valley Connections Center scheduled to open in the Maryland market in the first quarter of 2022              YORK, Pa, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (Codorus Valley, or the Corporation) (NASDAQ:CVLY), parent company of PeoplesBank,

Appoints Keith Cenekofsky as director Names Cynthia A. Dotzel as independent board chair Adopts majority voting standard in uncontested director elections YORK, Pa., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (NASDAQ:CVLY) ("the Company"), parent company of PeoplesBank, A Codorus Valley Company ("PeoplesBank"), today announced several updates to the composition of its Board of Directors ("the Board"), as well as initiatives to further enhance its corporate governance practices. Full details are included in the Company's Form 8-K filed today with the Securities & Exchange Commission. Board & Committee AppointmentsAs part of the Company's long-term succession plan, th

YORK, Pa., Sept. 15, 2021 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (NASDAQ:CVLY) ("the Company"), parent company of PeoplesBank, A Codorus Valley Company ("PeoplesBank"), today announced that as part of the Company's long-term succession plan, the Board of Directors has appointed Craig L. Kauffman President and CEO of the Company effective October 1, 2021. Mr. Kauffman will succeed Larry J. Miller, who served the Company as President and CEO since 1986. Mr. Miller will serve as Executive Chair of the Company and will continue in his role as Executive Chair of PeoplesBank until December 31, 2021. Mr. Kauffman is currently the Executive Vice President and Chief Operating Officer of

YORK, Pa., May 21, 2021 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. ("Codorus Valley" or the "Corporation") (NASDAQ:CVLY), parent company of PeoplesBank, a Codorus Valley Company (PeoplesBank), today announced the retirement of Director Harry R. Swift, Esq. from the Boards of Directors of the Corporation and PeoplesBank, effective as of May 31, 2021. Chairman of the Board, Larry J. Miller, said: "On behalf of the Corporation's Board of Directors, I thank Ron for his 24 years of valuable service, leadership and contributions to the Corporation as an officer, General Counsel and Director. We wish him good health, much happiness and prosperity in his retirement." Since joining the

YORK, Pa., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (“Codorus Valley” or the “Corporation”) (NASDAQ: CVLY), parent company of PeoplesBank, A Codorus Valley Company (PeoplesBank), today announced that its Board of Directors had approved a new treasury stock repurchase program. Under the newly approved stock repurchase program, the Corporation is authorized to repurchase up to $5 million of the Corporation’s issued and outstanding common stock. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases under the program may be made from time to time in the open market at prevailing prices, or throu

YORK, Pa., Jan. 13, 2021 (GLOBE NEWSWIRE) -- On January 12, 2021, the Board of Directors of Codorus Valley Bancorp, Inc. (Nasdaq: CVLY), the parent company of PeoplesBank, A Codorus Valley Company, declared a regular quarterly cash dividend of $0.11 per common share, payable on February 9, 2021, to shareholders of record at the close of business on January 26, 2021, which represents a 10 percent increase over the prior quarter’s dividend of $0.10 per common share. In addition, the Board declared a special cash dividend of $0.02 per common share, payable on February 9, 2021, to shareholders of record at the close of business on January 26, 2021.  With assets of over $2 billion, PeoplesBank