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Fulton Financial reported higher quarterly earnings despite a decline in net interest income.
July 17 -
A pair of Orrstown Financial Services (ORRF) executives quit just two months after the Shippensburg, Pa., company's chief financial officer resigned.
July 16
Orrstown Financial Services (ORRF) sold $28.6 million of nonperforming commercial loans to an unnamed outside investor.
The $1.4 billion-asset company, which has been taking steps to reduce problem assets, said in a regulatory filing Wednesday that it would record an after-tax charge of $5.8 million for the second quarter to reflect the loan sale. Orrstown said the sale will cut its ratio of nonperforming assets to total assets by more than 300 basis points; the ratio stood at 5.84% on March 31.
The loan sale comes as
Orrstown is the second community banking company in as many days to report a sale of troubled loans. Fulton Financial (FULT), of Lancaster, Pa., last month