SHIPPENSBURG, Pa., April 8, 2011
/PRNewswire/ -- Orrstown Financial Services, Inc. (NASDAQ: ORRF),
parent company of Orrstown Bank, is pleased to announce that it has been
included on Keefe, Bruyette & Woods, Inc.'s (KBW) Bank Honor Roll.
On March 1, 2011 KBW named 40 U.S. banking
institutions to its "Bank Honor Roll" of superior performers, out of
nearly 400 screened. According to their press release, Honor Roll
winners are publicly traded banking companies with at least $500 million in total assets that meet the following three conditions:
- No annual loss reported in net income per share before extraordinary items over the past 10 years.
annual reported net income per-share before extraordinary items must
have been equal to or greater than peak net income per-share over the
past 10 years.
- Consecutive increases in net income per-share before extraordinary items since 2009.
believe the past decade has provided an adequate framework for judging
bank performance, particularly given all the obstacles that have
arisen," noted KBW Chairman & CEO John Duffy,
in KBW's original press release announcing the winners of KBW's Bank
Honor Roll. "These banks have successfully navigated a variety of
different and sometimes difficult operating environments, which have
included everything from deteriorating credit quality to inverted yield
curves and rising unemployment."
Thomas R. Quinn, Jr.,
President and CEO of Orrstown Financial Services, Inc., commented,
"Inclusion on KBW's Honor Roll is a testament to the strength of our
organization. We have regularly produced solid results and last year
posted the strongest earnings ever in the 91 year history of the
organization. Consistent results of this magnitude would not be
possible without the support of our customers, employees, shareholders,
and Board of Directors."
With over $1.5 billion
in assets, Orrstown Financial Services, Inc. and its wholly-owned
subsidiary, Orrstown Bank, provide a full range of consumer and business
financial services through twenty banking offices and two remote
service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.'s stock is traded on the NASDAQ Capital Market under the symbol ORRF.
Harbor Statement: This news release may contain forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. Actual results and trends could differ materially from those set
forth in such statements due to various risks, uncertainties and other
factors. Such risks, uncertainties and other factors that could cause
actual results and experience to differ from those projected include,
but are not limited to, the following: ineffectiveness of the
Corporation's business strategy due to changes in current or future
market conditions; the effects of competition, including industry
consolidation and development of competing financial products and
services; changes in laws and regulations, including the recent
Dodd-Frank Wall Street Reform and Consumer Protection Act; interest rate
movements; changes in credit quality; volatilities in the securities
markets; and deteriorating economic conditions, and other risks and
uncertainties, including those detailed in Orrstown Financial Services,
Inc.'s filings with the Securities and Exchange Commission. The
statements are valid only as of the date hereof and Orrstown Financial
Services, Inc. disclaims any obligation to update this information.