trending Market Intelligence /marketintelligence/en/news-insights/trending/-D3dq70yhl4o2J21CWNIog2 content esgSubNav
Log in to other products


Looking for more?

Contact Us
In This List

Orrstown Financial Services settles with SEC


Latin American and Caribbean Market Considerations Blog Series: Focus on LGD


Banking Essentials Newsletter: June Edition

Case Study

กรณีศึกษา A Bank Takes its Project Finance Assessments to a New Level


Financial Institutions Factor Transition Risk into Climate-Related Stress Testing

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.