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News Breaks | | | | December 20, 2012 | | 16:31 EDT |  | ORRF | Orrstown 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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