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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.