Orrstown Financial Services, Inc. Announces Continued Expansion into Lancaster County with Acquisition of Wheatland Advisors,...
December 12 2016 - 8:15AM
Today Orrstown Financial Services, Inc. (NASDAQ:ORRF), the parent
company of Orrstown Bank, announced that it has completed the
purchase of Wheatland Advisors, Inc. (“Wheatland”), a Registered
Investment Advisor headquartered in Lancaster, Pennsylvania.
Thomas R. Quinn, Jr., President & CEO of Orrstown Bank,
commented, “Throughout our nearly 100 year history we have sought
to enhance our product and service offerings and welcome talented
financial professionals to the organization. Opportunities
like this partnership with Wheatland Advisors, Inc. are unique and
we are excited that Richard Heilig has chosen to bring his
expertise to the Company.”
Richard Heilig, added, “The union with Orrstown and the addition
of their trust expertise will enable us to better serve our current
and prospective clients for many years to come and I am excited
about this next step in Wheatland’s evolution.”
Mr. Quinn, Jr., continued, “Philip Fague, EVP/Orrstown Financial
Advisors, has successfully managed our trust and wealth management
group for many years and the team has repeatedly been nationally
recognized for their results and the quality of their
service. With the addition of Wheatland, combined assets
under management will be more than $1.2 billion and we look forward
to future growth in the region.”
Wheatland Advisors, Inc. will become a subsidiary of Orrstown
Financial Services, Inc. and retain its name and location at 144
East Chestnut Street in Lancaster. The former owner of
Wheatland, Richard Heilig, will remain affiliated with the firm and
play an active role in managing the clients he has serviced for
nearly 30 years.
The acquisition of Wheatland Advisors, Inc. continues the
Company’s expansion into Lancaster County, joining the financial
services office at 1800 Fruitville Pike and branch at 2098 Spring
Valley Road. The Company also began construction last week on
a new Manheim Pike branch at 566 Lausch Lane and will open another
branch in New Holland in August of 2017.*
*New branches are subject to customary regulatory approval and
local municipality permitting.
With about $1.4 billion in assets, Orrstown Financial Services,
Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a full
range of financial services through 25 locations throughout
Pennsylvania and Maryland. Orrstown Bank is an Equal Housing Lender
and its deposits are insured up to the legal maximum by the
FDIC. Orrstown Financial Services, Inc.’s stock is traded on
Nasdaq (ORRF). More information available at
www.orrstown.com.
Cautionary Note Regarding Forward-looking Statements: This news
release may contain forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that include projections,
predictions, expectations, or beliefs about events or results or
otherwise are not statements of historical facts.
Contact:
Mark Bayer
SVP/Strategic Corporate Initiatives
P (717) 530-2297
mbayer@orrstown.com
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