Orrstown gets OK to acquire Mercersburg community bank
Orrstown Financial Services Inc., parent company of Orrstown Bank, has received the required regulatory approvals and waivers from the Board of Governors of the Federal Reserve System and the Pennsylvania Department of Banking and Securities to complete the acquisition of Mercersburg Financial Corp., parent company of First Community Bank of Mercersburg.
At a meeting held on Sept. 11, the stockholders of Mercersburg approved the transaction with 97 percent of the shares voted in favor of the transaction.
“We are very excited to announce regulatory and shareholder approval that will pave the way for Orrstown and Mercersburg to merge into one strong community bank,” Thomas R. Quinn Jr., president and CEO of Orrstown Bank, said in a press release. “Mercersburg and Orrstown are community banks with similar cultures and values, and we are dedicated to ensuring this is a seamless transition for our customers. I would like to thank Bob Fignar, president and CEO of Mercersburg, for his diligence and dedication in helping to lead this effort.”
The parties anticipate closing the transaction on Oct. 1. Until closing, First Community Bank of Mercersburg will continue serving customers and daily operations will continue as usual.
Orrstown Financial Services Inc. and its wholly-owned subsidiaries, Orrstown Bank and Wheatland Advisors Inc., provide a range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York counties in Pennsylvania and Washington County, Maryland.
First Community Bank of Mercersburg has offices in Mercersburg, Greencastle, Fort Loudon and Chambersburg.