Orrstown Financial Services, Inc. and Orrstown Bank Receive Investment Grade Ratings from Kroll Bond Rating Agency
June 07 2018 - 1:10PM
Orrstown Financial Services, Inc. (NASDAQ:ORRF) (the “Company"),
the holding company for Orrstown Bank (the “Bank”), announced today
that the Company and the Bank received investment grade ratings
with a stable outlook from Kroll Bond Rating Agency (“KBRA”).
In its release, KBRA noted, “The ratings are
supported by ORRF’s strong management team, the Company’s
relationship banking approach with an emphasis on core depository
funding, diversified revenue mix, and sophisticated infrastructure,
which can support a significantly larger institution.”
KBRA assigned the following specific ratings to the
Company and the Bank:
Orrstown Financial Services, Inc. |
Senior Unsecured Debt |
BBB |
Subordinated Debt |
BBB- |
Short-Term Debt |
K3 |
|
|
Orrstown Bank |
Deposit |
BBB+ |
Senior Unsecured Debt |
BBB+ |
Subordinated Debt |
BBB |
Short-Term Deposit |
K2 |
Short-Term Debt |
K2 |
A copy of the complete report is available at
KBRA’s website,
www.kbra.com.
ABOUT THE COMPANYWith over $1.6
billion in assets, Orrstown Financial Services, Inc. and its
wholly-owned subsidiaries, Orrstown Bank and Wheatland Advisors,
Inc., provide a wide range of consumer and business financial
services through banking and financial advisory offices in Berks,
Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties,
Pennsylvania and Washington County, 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 common
stock is traded on Nasdaq (ORRF). For more information about
Orrstown Financial Services, Inc. and Orrstown Bank, visit
www.orrstown.com. For more information about Wheatland Advisors,
Inc., visit www.wheatlandadvisors.com.
FORWARD-LOOKING STATEMENTSThis
document contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. There are several
factors that could cause actual results to differ significantly
from expectations described in the forward-looking statements. For
a discussion of such factors, please see the Company’s most recent
reports on Forms 10-K and 10-Q filed with the Securities and
Exchange Commission and available on the SEC’s website at
www.sec.gov. The Company does not undertake any obligation to
update forward-looking statements.
Orrstown Investor Relations Contact:
David P. BoyleExecutive Vice President and Chief
Financial Officer(717) 530-2294
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