trending Market Intelligence /marketintelligence/en/news-insights/trending/-D3dq70yhl4o2J21CWNIog2 content esgSubNav
In This List

Orrstown Financial Services settles with SEC


Commercial Banking: June 22nd Edition


Commercial Banking Newsletter June Edition - 2022


Street Talk | Episode 96: Considering recession risks, prospects that the Fed achieves a 'soft landing'

Case Study

Actions to Reduce Emissions at an Asian Financial Services Firm

Orrstown Financial Services settles with SEC

Shippensburg,Pa.-based Orrstown FinancialServices Inc. entered into a settlement agreement with the SEC overan investigation by the latter into the company's accounting and related mattersfor the periods ended June 30, 2010, to Dec. 31, 2011.

Theagreement will see the company, President and CEO Thomas Rodney Quinn Jr., aswell as the company's former CFO Bradley Everly, chief accounting officerDouglas Barton, and a former executive vice president and chief commercialofficer pay civil money penalties to the agency, pursuant to a cease-and-desistorder. The settlement, however, does not constitute any admission ofwrongdoing.

Orrstownwill pay a $1 million civil money penalty, and anticipates that the paymentwill not have a financial impact on its earnings for the current period due toa previously established reserve.