Orrstown Financial Services Announces Executive and Director Changes
Ticker: ORRF · Form: 8-K · Filed: Sep 25, 2024 · CIK: 826154
| Field | Detail |
|---|---|
| Company | Orrstown Financial Services Inc (ORRF) |
| Form Type | 8-K |
| Filed Date | Sep 25, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $819,170, $150,000, $35,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
Related Tickers: ORRF
TL;DR
Orrstown Financial (ORRF) board and execs shuffled on 9/25. New comp plans in play.
AI Summary
Orrstown Financial Services, Inc. announced on September 25, 2024, changes in its board of directors and executive officers. The filing details the departure of certain officers and the election of new directors, alongside updates to compensatory arrangements for key personnel.
Why It Matters
Changes in leadership and executive compensation can signal shifts in company strategy or financial health, impacting investor confidence and stock performance.
Risk Assessment
Risk Level: medium — Changes in executive and director positions, especially when accompanied by new compensation arrangements, can introduce uncertainty about future strategic direction and financial performance.
Key Players & Entities
- ORRSTOWN FINANCIAL SERVICES, INC. (company) — Registrant
- September 25, 2024 (date) — Date of earliest event reported
FAQ
What specific roles have seen departures or appointments within Orrstown Financial Services, Inc.?
The filing indicates departures of certain officers and the election of new directors, along with the appointment of certain officers, though specific names and roles are not detailed in the provided excerpt.
When did these changes in directors and officers take effect?
The earliest event reported is dated September 25, 2024.
Are there any details on the new compensatory arrangements mentioned?
The filing states that compensatory arrangements of certain officers are part of the reported items, but specific details are not included in the provided text.
What is the primary business of Orrstown Financial Services, Inc.?
Orrstown Financial Services, Inc. is classified under Standard Industrial Classification as 'STATE COMMERCIAL BANKS [6022]'.
Where is Orrstown Financial Services, Inc. headquartered?
The principal executive offices are located at 4750 Lindle Road, Harrisburg, Pennsylvania 17111.
Filing Stats: 1,142 words · 5 min read · ~4 pages · Grade level 11.5 · Accepted 2024-09-25 16:10:54
Key Financial Figures
- $819,170 — ar payroll dates based on a pay rate of $819,170 per year effective from the date immedi
- $150,000 — will receive an annual benefit equal to $150,000. The Retirement Agreement supersedes an
- $35,000 — 's reasonable legal fees, not to exceed $35,000, incurred in connection with the Retire
Filing Documents
- orrf-20240925.htm (8-K) — 34KB
- exhibit101.htm (EX-10.1) — 63KB
- 0000826154-24-000211.txt ( ) — 236KB
- orrf-20240925.xsd (EX-101.SCH) — 2KB
- orrf-20240925_lab.xml (EX-101.LAB) — 22KB
- orrf-20240925_pre.xml (EX-101.PRE) — 13KB
- orrf-20240925_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Retirement of Executive Vice President, Chief Operating Officer Craig L. Kauffman, Executive Vice President, Chief Operating Officer and Director of Orrstown Financial Services, Inc. (the "Company") and Orrstown Bank (the "Bank") informed the Boards of Directors of the Company and the Bank that he intends to retire. In connection with Mr. Kauffman's retirement, on September 25, 2024, the Company and the Bank entered into a Retirement Agreement with Mr. Kauffman (the "Retirement Agreement") pursuant to which Mr. Kauffman resigned from all officer, director and other positions that he holds with the Company and the Bank effective September 30, 2024 (the "Effective Date"). Mr. Kauffman's decision to retire is due to personal reasons and is not a result of any disagreement with the Company or the Bank on any matter related to the operations, policies or practices of the Company or the Bank. The Company thanks Mr. Kauffman for his dedicated service and leadership with Codorus Valley Bancorp, Inc. ("Codorus Valley") and PeoplesBank, A Codorus Valley Company ("PeoplesBank") as well as his contributions to the Company and the Bank following the recently completed merger of equals with Codorus Valley (the "Merger"), and wishes him the best in his retirement. Pursuant to the terms of the Retirement Agreement, Mr. Kauffman will receive prorated payments on regular payroll dates based on a pay rate of $819,170 per year effective from the date immediately following the Effective Date to April 22, 2028. The Bank shall also pay the full amount of the premiums for continuation coverage of employee group medical and dental benefits for Mr. Kauffman under COBRA for six months. Additionally, pursuant to the Salary Continuation Agreement, dated as of July 8, 2024, by and between the Bank and Mr. Kauffman (the "Salary Continuat
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits The following exhibit is furnished as part of this Current Report on Form 8-K: Exhibit No. Description 10.1 Retirement Agreement, dated September 25, 2024, by and between Craig L. Kauffman and both Orrstown Financial Services, Inc. and Orrstown Bank. 104 Cover Page Interactive Data File (embedded within the inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. ORRSTOWN FINANCIAL SERVICES, INC. Date: September 25, 2024 By: /s/ Neelesh Kalani Neelesh Kalani Executive Vice President and Chief Financial Officer (Duly Authorized Representative)