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December 20, 2012
16:31 EDTORRFOrrstown Financial anounces loan sale and reduction in troubled assets
Orrstown Financial Services, parent company of Orrstown Bank, reported that it has completed the sale of 172 commercial loans with a balance of $45.6M to an independent investor group. The Company received proceeds of $32.1 million from the loan sale and expects the discount to book value to be absorbed through existing loan loss reserves. As a result of the sale, Orrstown Financial Services' troubled assets were reduced by approximately 42% versus September 30, 2012 and approximately 61% versus December 31, 2011.
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July 27, 2015
13:04 EDTORRFOrrstown Financial discloses SEC fact-finding inquiry
In a regulatory filing, Orrstown Financial Services disclosed that on July 22, Southeastern Pennsylvania Transportation Authority, or SEPTA, filed a motion for leave to amend its previously disclosed complaint against Orrstown. The company stated in the filing: "Many of the allegations of the proposed second amended complaint are essentially the same or similar to the allegations of the dismissed amended complaint. The proposed second amended complaint also alleges that the Registrant did not publicly disclose certain alleged failures of its internal controls over loan underwriting, risk management, and financial reporting during the period 2009 to 2012, in violation of the federal securities laws. The allegations of SEPTA’s proposed second amended complaint disclose the existence of a confidential, non-public, fact-finding inquiry regarding the Registrant being conducted by the Securities and Exchange Commission. The SEC inquiry is not an indication that the SEC believes the Registrant or anyone else has violated federal securities laws or regulations. Nor does it mean that the SEC has a negative opinion of any person, entity, or security. The investigation is ongoing and the Registrant has been cooperating fully with the SEC."
July 22, 2015
16:11 EDTORRFOrrstown Financial reports Q2 EPS 18c, consensus 21c
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