The merger of equals between Orrstown Financial Services, Inc. and Codorus Valley Bancorp, Inc. has been approved by the shareholders.

SHIPPENSBURG, PA. and YORK, PA (CNN) — The parent companies of Orrstown Bank, Orrstown Financial Services, Inc. (NASDAQ: ORRF) and PeoplesBank, A Codorus Valley Company, Codorus Valley Bancorp, Inc. (NASDAQ: CVLY), each announced today that they had received shareholder approval for the previously announced merger of equals. 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"), by and between Orrstown and Codorus Valley, and the compensation payable to the named executive officers of Codorus Valley in connection with the merger were approved by the shareholders at a special meeting of shareholders held on May 30, 2024.The president and CEO of Orrstown, Thomas R. Quinn, Jr., stated, "The ratification of our merger by shareholders represents a significant step forward for our merger of equals. The deal was unanimously approved by the shareholder base of each company, which makes Craig and I proud. We anticipate that this will increase shareholder value and open up new prospects for our clients, staff, and communities. The vote today moves us one step closer to offering our esteemed clients better financial services, according to Craig L. Kauffman, President and CEO of Codorus Valley. I can't wait to begin developing our Pennsylvania and Maryland markets into the best community banking franchise. If the customary closing conditions are met, the merger and related transactions are anticipated to close in the third quarter of 2024.Concerning Orrstown A comprehensive range of consumer and business financial services is offered in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania; Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland; and Baltimore City, Maryland by Orrstown Financial Services, Inc. and its wholly owned subsidiary, Orrstown Bank.

Along with neighboring counties in Pennsylvania and Maryland, Loudon County, Virginia, and Berkeley, Jefferson, and Morgan Counties, West Virginia, are also included in the company's lending region. Orrstown Bank is an Equal Housing Lender, and the FDIC insures all of its deposits up to the highest amount permitted by law. The common stock of Orrstown Financial Services, Inc. is traded with the ticker code "ORRF" on the NASDAQ Global Select Market.