SHIPPENSBURG, Pa., April 12, 2011
/PRNewswire/ -- Orrstown Financial Services, Inc. (NASDAQ: ORRF),
parent company of Orrstown Bank, is pleased to announce that it has been
included on SNL Financial's list of the top 100 best performing
community banks of 2010. SNL ranked banks with between $500 million and $5 billion
in assets by considering six equally weighted metrics, measuring:
return on average tangible assets before tax, net charge-offs as a
percent of average loans, adjusted nonperforming loans as a percent of
total loans, operating expenses as a percent of operating revenue, net
interest margin and loan growth.
Thomas R. Quinn, Jr.,
President and CEO of Orrstown Financial Services, Inc., commented,
"Inclusion on SNL's list of the top 100 community banks is a testament
to the strength of our Company. This honor, along with our recent
inclusion on Keefe Bruyette & Woods,
Inc.'s Bank Honor Roll, acknowledges the consistently strong performance
of the Company. We have regularly produced solid results and last year
posted the highest earnings ever in the 91 year history of the
organization. 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.
Safe
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.