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Orrstown Financial has dealt with a wave of bad news over the past two years, but CEO Thomas Quinn believes he's got the Pennsylvania company turned around. He and CFO David Boyle discuss their hard decisions and outlook.
December 24 -
An activist investor group has threatened to file a lawsuit against Orrstown Financial Services (ORRF) unless the Shippensburg, Pa., company makes certain changes to its bylaws.
December 14
Orrstown Financial Services (ORRF) reached a legal settlement with PL Capital over a requirement that the outside investor said wrongly benefited management.
PL Capital
As part of settlement, Orrstown will rescind the residence requirement and another requirement barring directors from serving as officials at other banks. Orrstown will also pay up to $125,000 of PL Capital's legal fees.
PL Capital agreed to withdraw its lawsuit and withdraw its nomination of Richard Lashley to the Orrstown board. PL Capital also agreed to hold off on engaging in a proxy contest this year.
The settlement agreement, reached last Thursday, was disclosed in a Monday filing with the Securities and Exchange Commission.
The settlement comes after