Orrstown Financial Services, Inc. Recognized by SNL Financial
Author : Orrstown Bank Public Relations
Posted on : April 12, 2011
SHIPPENSBURG, PA (April 12, 2011) 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.