Financials Company Orrstown Finl Servs Announces Merger With Codorus Valley Bancorp
Portfolio Pulse from Benzinga Insights
Orrstown Finl Servs (NASDAQ:ORRF) is set to merge with Codorus Valley Bancorp (NASDAQ:CVLY) in a stock-for-stock transaction valued at $207.00 million, expected to be completed in Q3 of 2024. The merger will combine Orrstown's commercial banking and trust business with Codorus Valley's consumer, business, wealth management, and mortgage services in South Central Pennsylvania and Central Maryland.
December 13, 2023 | 3:10 pm
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POSITIVE IMPACT
Codorus Valley Bancorp is being acquired by Orrstown Finl Servs in a stock-for-stock deal, which will impact its stock as it gets exchanged for ORRF stock.
CVLY shareholders are poised to receive ORRF stock, which could lead to a revaluation of their holdings. The merger could result in a positive outlook for CVLY as it joins a larger entity, potentially offering greater resources and market presence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Orrstown Finl Servs has announced a merger with Codorus Valley Bancorp, offering $207 million in stock, which may lead to operational and leadership changes.
The merger is significant for ORRF as it expands its commercial banking and trust business, potentially leading to increased market share and operational efficiencies. The stock-for-stock nature of the deal suggests confidence in the merger's value creation, which could be viewed positively by investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100