10:59 AM EDT, 06/17/2024 (MT Newswires) -- Orrstown Financial Services ( ORRF ) and Codorus Valley Bancorp ( CVLY ) said Monday they expect to close their proposed merger on July 1 after receiving all of the remaining approvals and waivers needed from state and federal regulators.

The final approvals were granted by the Board of Governors of the Federal Reserve System and the Pennsylvania Department of Banking and Securities, the banks said. Shareholders and regulators in other states where the banks do business previously agreed to let the transaction move forward.

The parent companies of Orrstown Bank and PeoplesBank, respectively, announced plans to combine on Dec. 12, with investors receiving 0.875 of an Orrstown share for each of their Codorus Valley and the merged banks continuing under the Orrstown brand once the deal concludes, subject to satisfaction of customary closing conditions.

Cordorus Valley shares recently were up slightly more than 1%, while Orrstown was off about 0.4%,.

Price: 25.16, Change: -0.10, Percent Change: -0.40