Orrstown Financial (ORRF) Announces Strategic Initiatives to Drive Long-Term Growth and Improve Operating Efficiencies
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Orrstown Financial Services, Inc. Announces Strategic Initiatives to Drive Long-Term Growth and Improve Operating Efficiencies
September 28, 2022 4:05 PM EDTSHIPPENSBURG, Pa., Sept. 28, 2022 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. ("Orrstown" or the Company) (NASDAQ: ORRF), the parent company of Orrstown Bank (the Bank), today announced initiatives designed to drive long-term growth, focus the organization on a rapidly changing banking environment and improve operating efficiencies. These initiatives include the closing of five branch locations and certain staffing model adjustments.
As a result of these initiatives, the Company expects to incur a one-time pre-tax charge of approximately $3.1 million (consisting of building and fixed asset write-offs of $1.9 million and early retirement/severance costs of $1.2... More
