Orrstown Financial Services Announces Executive and Director Changes
Ticker: ORRF · Form: 8-K · Filed: Feb 3, 2025 · CIK: 826154
| Field | Detail |
|---|---|
| Company | Orrstown Financial Services Inc (ORRF) |
| Form Type | 8-K |
| Filed Date | Feb 3, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, board-of-directors, executive-compensation
Related Tickers: ORRF
TL;DR
Orrstown Financial (ORRF) shakes up leadership and board; new execs and directors appointed.
AI Summary
Orrstown Financial Services, Inc. announced on February 1, 2025, changes in its executive team and board of directors. The company elected new directors and appointed new officers, impacting its corporate governance structure. Additionally, the filing details compensatory arrangements for certain officers.
Why It Matters
Changes in executive leadership and board composition can signal shifts in company strategy, operational focus, or financial priorities, potentially impacting investor confidence and stock performance.
Risk Assessment
Risk Level: medium — Changes in executive and director roles can introduce uncertainty regarding future strategy and performance, warranting closer investor scrutiny.
Key Players & Entities
- Orrstown Financial Services, Inc. (company) — Registrant
- Pennsylvania (location) — State of incorporation
- February 1, 2025 (date) — Date of earliest event reported
FAQ
What specific roles have been affected by the changes in directors and officers?
The filing indicates changes in directors and officers, including the election of new directors and the appointment of certain officers, along with details on their compensatory arrangements.
When did these changes become effective?
The earliest event reported in this filing is dated February 1, 2025.
Are there any financial statements included in this filing?
The filing lists 'Financial Statements and Exhibits' as an item of information, suggesting their inclusion.
What is Orrstown Financial Services, Inc.'s primary business?
Orrstown Financial Services, Inc. is classified under 'State Commercial Banks' with SIC code 6022.
Where is Orrstown Financial Services, Inc. headquartered?
The company's principal executive offices are located at 4750 Lindle Road, Harrisburg, Pennsylvania 17111.
Filing Stats: 717 words · 3 min read · ~2 pages · Grade level 11.8 · Accepted 2025-02-03 16:22:42
Filing Documents
- orrf-20250201.htm (8-K) — 31KB
- brobstpressrelease.htm (EX-99.1) — 6KB
- image_0.jpg (GRAPHIC) — 48KB
- 0000826154-25-000036.txt ( ) — 230KB
- orrf-20250201.xsd (EX-101.SCH) — 2KB
- orrf-20250201_lab.xml (EX-101.LAB) — 22KB
- orrf-20250201_pre.xml (EX-101.PRE) — 13KB
- orrf-20250201_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 (d) Barbara E. Brobst has been appointed to the Board of Directors of Orrstown Financial Services, Inc. (the "Company") and its subsidiary bank, Orrstown Bank (the "Bank"), effective February 1, 2025. Ms. Brobst served as the Executive Vice President, Chief Human Resources Officer of the Company and the Bank from 2015 to 2022. Prior to that, she served as Senior Vice President for Human Resources of the Bank from 2011 to 2015 and Senior Vice President and Senior Trust Officer of the Bank from 2000 to 2011. Now retired, Ms. Brobst is an experienced banking executive with over 40 years of experience and significant expertise in Trust, Wealth, and Investment Services, Governance, Strategic Planning, and Human Resource Management. She has extensive ties to south-central Pennsylvania, having previously served on the Board of Directors of several non-profit, charitable and professional organizations. The Company has not yet determined which committees of the Board of Directors Ms. Brobst will serve on. Ms. Brobst will be entitled to receive the same compensation paid to the non-employee directors of the Company, which currently consists of an annual retainer and annual equity grants made under the Company's equity incentive plan. Ms. Brobst will also have the option to participate in the Company's non-qualified deferred compensation plan on the same terms offered to all other non-employee directors of the Company. There are no family relationships between Ms. Brobst and any director, executive officer or any person nominated or chosen by the Company to become a director or executive officer. No information is required to be disclosed with respect to Ms. Brobst pursuant to Item 404(a) of Regulation S-K. A copy of the press release announcing Ms. Brobst's appointment to the Board of Directors of the Company and th
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 99.1 Press Release dated February 3, 20 25 104 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: February 3, 2025 By: /s/ Neelesh Kalani Neelesh Kalani Executive Vice President and Chief Financial Officer (Duly Authorized Representative)