Orrstown Financial Services, the parent company of Orrstown Bank announced today that the Bank was released from the Memorandum of Understanding with the Pennsylvania Department of Banking and Securities that was entered into on April 21, 2014, thereby terminating all enforcement actions imposed on the Bank by the Pennsylvania Department of Banking.
Thomas R. Quinn, Jr., President & Chief Executive Officer, commented, "We are pleased that the Pennsylvania Department of Banking has released the Bank from all of the enforcement actions that it had imposed. The Board of Directors and the Management team have worked diligently to achieve this result and to position the organization for prudent future expansion. The measures we implemented over the past several years pursuant to guidance from the Pennsylvania Department of Banking and the Federal Reserve Bank of Philadelphia have contributed to our consistent improvement in asset quality metrics, capital levels, and sustained quarterly earnings."
The Written Agreement that the Company and the Bank entered into with the Federal Reserve Bank of Philadelphia on March 22, 2012 remains in place at this time.