trending Market Intelligence /marketintelligence/en/news-insights/trending/AUr8e9OEs1HZjxHIWncuqw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Orrstown Financial to close 5 Pennsylvania branches, sell ops center

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments


Orrstown Financial to close 5 Pennsylvania branches, sell ops center

Shippensburg, Pa.-based Orrstown Financial Services Inc. is expected to finalize the approvals for the consolidation of five Pennsylvania branches into other larger Orrstown Bank branches, as well as the sale of an operations center.

The company expects that these efforts will improve the profitability of the remaining branches and eliminate approximately 50,000 square feet of excess back-office space. The five branches will be closed Jan. 31, 2020, and the consolidations will be completed within the first quarter of 2020. The operations center is expected to be sold in the fourth quarter of 2019, with about one-third of the space leased back to the bank.

Orrstown Financial expects to incur one-time charges associated with the branch consolidations and operations center sale of $800,000 to $1.2 million in the fourth quarter. Annual post-consolidation cost savings is expected to be between $1.5 million and $2.0 million, beginning in the second quarter of 2020.

Orrstown Financial reported third-quarter net income of $6.9 million, or 62 cents per share, compared to net income of $4.0 million, or 49 cents per share, a year earlier.