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Orrstown bolsters Lancaster County presence
Michael Sadowski//May 12, 2016//
Listen to this articleThe bank, a subsidiary of Shippensburg-based Orrstown Financial Services Inc., is the latest institution to ramp up its presence in Lancaster County following the heavy market disruption created after a number of regional and community banks were bought by larger banks.
Orrstown previously moved into the county in late 2013 when it opened a loan production office in East Hempfield Township. It later opened a full-service branch at the site in 2015.
The new Orrstown Bank location will be a financial services office at 1800 Fruitville Pike in Manheim Township with about 4,500 square feet of space.
The building will serve as a base of operations for the bank’s Lancaster County commercial lending team and for representatives of Orrstown Financial Advisors, the bank’s trust and wealth management business.
The office is set to open Monday.
Since early 2015, Central Pennsylvania banks Integrity, Susquehanna and Metro all were acquired by banks based outside of the market. National Penn Bank, which had a presence in Lancaster County, also was acquired.
Community banks Mid Penn, PeoplesBank and Centric all have moved into Lancaster County in some way since the start of 2015.
“The disruption in this market is unprecedented and we have already benefited from additional business opportunities and the attraction of several top performers,” Orrstown President and CEO Thomas Quinn Jr.said. “Our first branch in Lancaster County, on Rohrestown Road, has already generated more than $134 million in new loans in less than two years and the addition of this new space will support new team members and future expansion.”
In the winter, Orrstown also announced a move into the Dauphin County market. It bought a building on Lindle Road in Swatara Township to house lending and other operations.
Orrstown Financial Services has about $1.3 billion in assets and trades its shares on the NASDAQ exchange at the ticker symbol ORRF.
