By Sabela OjeaOrrstown Financial Services agreed to purchase Codorus Valley Bancorp in an all-stock transaction valued at $207 million. The parent company of Orrstown Bank and Codorus Valley Bancorp on Tuesday said that it has entered into an agreement to buy the financial services holding company Codorus Valley. The deal would create a Pennsylvania and Maryland community bank with about $5.2 billion in assets and a market capitalization of approximately $460 million, Orrstown Financial Services said. Orrstown shareholders would own about 56% of the outstanding shares of the combined company, with Codorus Valley stockholders owning the remaining outstanding shares. The combined company is set to trade on the Nasdaq Global Select Market under the symbol ORRF with the Orrstown Financial Services name.

Source: Wall Street Journal December 13, 2023 08:51 UTC