Orrstown Financial Services Inc. has started an Initial Public Offering (IPO) of common stock for gross proceeds of $40 million. The firm will use the raised funds for general corporate purposes, which may include capital support to Orrstown Bank, potential acquisitions and debt reduction among others.

Orrstown Financial Services Inc., Annual General Meeting, May 04, 2010, at 09:00 Eastern Daylight. Location: H. Ric Luhrs performing Arts Center, 1871 Old Main Drive, Shippensburg, PA 17257,United States.

Orrstown Financial Services Inc. reported earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported net interest income was $10,257,000; an increase of 21.9% over the $8,416,000 realized during the same quarter in 2008. Net decreased 2.4% to $3,014,000 from $3,087,000 during the same period last year. Diluted earnings per share were $0.44 against $0.46 for the same quarter a year ago period. Return on average assets was 1.01% against 1.21% for the same quarter a year ago period. Return on average equity was 10.68% against 12.10% for the same quarter a year ago period. For the year, the company reported net income was $13,373,000 or $1.98 diluted earnings per share on net interest income of $36,570,000 against net income of $13,103,000 or $1.94 diluted earnings per share on net interest income of $32,905,000 for the same period a year ago. Return on average assets was 1.19% against 1.38% for the same period a year ago. Return on average equity was 12.48% against 13.20% for the same period a year ago. The Board of Directors approved a first quarter cash dividend of $0.22 per share for shareholders of record on February 12, 2010. The dividend will be paid on February 24, 2010.