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SHIPPENSBURG, Pa., Sep 24, 2020 (GLOBE NEWSWIRE via COMTEX) —
SHIPPENSBURG, Pa., Sept. 24, 2020 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (“Orrstown”), the holding company for Orrstown Bank (the “Bank”) is announcing a series of steps to adjust its near-term tactical plans due to the COVID-19 pandemic. These changes involve the consolidation of six branch locations, the elimination of excess back office space and certain staffing model adjustments. These initiatives are expected to generate approximately $4 million of pre-tax annual expense savings once completed, with a one-time pre-tax charge of approximately $1.5 million to be incurred in the third quarter of 2020. Additional strategies are being developed for 2021 to maintain fee-based revenue at levels above historical trends and to continue to optimize the balance sheet mix during an anticipated prolonged period of low interest rates.… Read More