Codorus Valley’s Strategic Merger and Transition to Orrstown

Codorus Valley (CVLY) just unveiled an announcement.

On July 1, 2024, Codorus Valley Bancorp, Inc. finalized its merger with Orrstown Financial Services, Inc., creating a significant shift in the banking landscape. Codorus Valley’s stock was transformed into Orrstown stock at a ratio of 0.875, with Orrstown emerging as the surviving entity. Shareholders of Codorus Valley received approximately 8.53 million Orrstown shares in exchange, while Codorus Valley’s equity awards and employee stock purchase plan underwent key conversions and terminations. As a result of the merger, Codorus Valley’s stock ceased trading and was delisted from Nasdaq, while Orrstown’s board of directors expanded to thirteen, including six former Codorus Valley board members.

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