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of reviewing the legislation and SBA guidance, and will continue to review guidance as it is released and will communicate accordingly. Local PPP Loan, or will use the full amount of first PPP loan Demonstrate at least 25 percent reduction in gross receipts in one quarter in 2020 in comparison to that same, quarter in 2019 (Example: 2nd Quarter 2019 vs. 2nd Quarter 2020 gross receipts) PPP Second Draw Loans cannot be greater than $2 million Refer to SBA
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SHIPPENSBURG, Pa., May 10, 2016 (GLOBE NEWSWIRE) -- Today Orrstown Bank, a wholly-owned subsidiary of Orrstown Financial Services, Inc. (Nasdaq:ORRF), announced that Commercial Lenders Adam Althouse, Tom Cislo, and Brandon Leaman recently joined the Bank. The three new Commercial and Industrial Lenders join current team member Sam Smith and will be based at Orrstown’s recently announced regional facility at 1800 Fruitville Pike in Lancaster.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/a073b362-4421-4550-aa6d-8f6d8227c82d
http://www.globenewswire.com/NewsRoom/AttachmentNg/9f639825-857f-4b9f-911b-4e62dc7733f1
http://www.globenewswire.com/NewsRoom/AttachmentNg/82cecab3-0790-4f26-beae-caa1f22af3dd
The three newest additions to the Orrstown Bank team have a combined 58 years of experience at larger institutions including Susquehanna Bank, National Penn Bank, and Metro Bank.
Thomas R. Quinn, Jr., President & CEO, commented, “We are extremely fortunate to welcome three such talented individuals to the organization. We recognize that there are many clients looking to fill the void in the community banking space that has occurred because of recent market disruption and believe Adam, Tom, and Brandon, along with Sam Smith, will capably meet the needs of the business community in the region.”
Mr. Quinn continued, “Our first office in Lancaster County generated more than $134 million in new loan business in less than two years and we believe there is opportunity for significant additional growth as we further expand our presence in this vibrant and growing market.”
With about $1.3 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a full range of financial services through 22 locations throughout Pennsylvania and Maryland. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s stock is traded on Nasdaq (ORRF). More information available at www.orrstown.com.
Cautionary Note Regarding Forward-looking Statements: This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts.
Contact: Mark Bayer SVP/Strategic Corporate Initiatives P (717) 530-2297 mbayer@orrstown.com
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