The Juniata Valley Bank, a wholly-owned subsidiary of Juniata
Valley Financial Corp. (OTCQX:JUVF) (“Juniata”), and Orrstown Bank,
a wholly-owned subsidiary of Orrstown Financial Services, Inc.
(NASDAQ: ORRF) (“Orrstown”), announced the completion of Juniata’s
purchase of Orrstown’s Path Valley branch, located at 16400 Path
Valley Road in Spring Run, PA. The transaction closed today
pursuant to the Purchase and Assumption Agreement between the
parties, the execution of which was previously announced on
December 23, 2022 by the parties.
Pursuant to the terms of the transaction,
Juniata purchased certain assets, including the branch premises and
equipment, from Orrstown. Juniata also assumed deposit liabilities
totaling approximately $18.8 million from Orrstown. No loans were
purchased or sold in the transaction.
“We are pleased to add the Path Valley location
to our footprint, as it relocates and broadens our presence in the
market and allow us to better serve our valued customers. The
acquisition demonstrates our commitment to rural markets and to
shareholders, as the consolidation of our Blairs Mills office into
Path Valley creates operating efficiencies. The Path Valley central
location will serve a larger market and allow for expanded services
and personalized customer interaction,” said Marcie Barber,
Juniata’s President and Chief Executive Officer.
“Both Orrstown and Juniata believe that the sale
is an example of two community banks coming together on a
transaction to produce a favorable result for the Path Valley
Community. We are pleased that the sale will allow the businesses
and residents of Path Valley to continue to enjoy in-person branch
banking services, while accomplishing Orrstown’s strategic
objectives and delivering value to our shareholders,” commented
Thomas R. Quinn, Jr., Orrstown’s President and Chief Executive
Officer.
A welcome kit, which includes information about
changes to their banking accounts, cards, checks, CDs, and other
relevant details, has been provided to all impacted branch
customers.
Barley Snyder LLP served as legal counsel to
Juniata and Pillar + Aught served as legal counsel to Orrstown in
connection with the transaction.
About Juniata Valley Financial
Corp.
The Juniata Valley Bank, the principal
subsidiary of Juniata, is headquartered in Mifflintown,
Pennsylvania, with eighteen community offices located in Juniata,
Mifflin, Perry, Centre, Huntingdon, McKean and Potter Counties.
More information regarding Juniata and The Juniata Valley Bank can
be found online at www.jvbonline.com. Juniata trades through the
OTCQX Best Market under the symbol JUVF.
About Orrstown Financial Services,
Inc.
With $3.0 billion in assets, Orrstown Financial
Services, Inc. and its wholly-owned subsidiary, Orrstown Bank,
provide a wide range of consumer and business financial services in
Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York
Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, Kent
and Washington Counties, Maryland, as well as Baltimore City,
Maryland. Orrstown’s lending area also includes adjacent counties
in Pennsylvania and Maryland, as well as Loudon County, Virginia
and Berkeley, Jefferson and Morgan Counties, West Virginia.
Orrstown Bank is an Equal Housing Lender and its deposits are
insured up to the legal maximum by the FDIC. Orrstown’s common
stock is traded on Nasdaq (ORRF). For more information about
Orrstown and Orrstown Bank, visit www.orrstown.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Forward-looking statements
reflect the current views of the companies’ respective management
with respect to, among other things, future events and its
financial performance. These statements are often, but not always,
made through the use of words or phrases such as “may,” “should,”
“could,” “predict,” “potential,” “believe,” “will likely result,”
“expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,”
“intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would”
and “outlook,” or the negative variations of those words or other
comparable words of a future or forward-looking nature. These
forward-looking statements are not historical facts, and are based
on current expectations, estimates and projections about the
banking and certain assumptions, many of which, by their nature,
are inherently uncertain and beyond the control of either company.
Accordingly, Juniata and Orrstown caution you that any such
forward-looking statements are not guarantees of future performance
and are subject to risks, assumptions and uncertainties that are
difficult to predict. Although Juniata and Orrstown believe that
the expectations reflected in these forward-looking statements are
reasonable as of the date made, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. If one or more events related to these
or other risks or uncertainties materializes, or if underlying
assumptions prove to be incorrect, actual results may differ
materially from what is anticipated. Accordingly, you should not
place undue reliance on any such forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is
made, and neither Juniata nor Orrstown undertakes any obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise. All
forward-looking statements, expressed or implied, included in this
press release are expressly qualified in their entirety by this
cautionary statement. For a more complete discussion of certain
risks and uncertainties affecting Juniata or Orrstown, please see
the sections entitled “Risk Factors,” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” set
forth in each company’s Annual Report on Form 10-K and quarterly
reports on Form 10-Q which have been filed with the Securities and
Exchange Commission.
Juniata Investor Relations Contact:Michael
WolfSVP, Chief Financial OfficerPhone: (717) 436-7203 |
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Orrstown Investor Relations Contact:Neil
KalaniEVP, Chief Financial OfficerPhone: (717) 510-7097 |
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