Welcome to our dedicated page for Codorus Valley Bancorp news (Ticker: CVLY), a resource for investors and traders seeking the latest updates and insights on Codorus Valley Bancorp stock.
Codorus Valley Bancorp, Inc. (symbol: CVLY), incorporated in 1986, is a one-bank holding company based in York, Pennsylvania. Through its principal subsidiary, PeoplesBank, a Codorus Valley company, it offers a comprehensive range of financial services tailored to both individuals and businesses. PeoplesBank, with a rich history dating back to 1864, focuses on building robust financial relationships with small and mid-sized businesses, while also providing personal banking, mortgage banking, wealth management, and real estate services.
Codorus Valley Bancorp is a publicly traded corporation, listed on the NASDAQ National Market Exchange under the trading symbol CVLY. PeoplesBank is recognized as the largest full-service community bank headquartered and managed in York County. The bank operates numerous financial centers throughout South Central Pennsylvania and Central Maryland, with plans for further expansion.
The company operates primarily in the community banking segment, with its loan portfolio divided into two main classes: commercial and consumer. The commercial segment encompasses loans for builders and developers, commercial real estate investors, residential real estate investors, hotels/motels, wholesale and retail businesses, agriculture, manufacturing, and other sectors. The consumer segment includes residential mortgages, home equity loans, and other personal loans. A significant portion of the company's revenue is derived from interest income.
Recent Developments: Codorus Valley Bancorp recently declared a dividend and continues to enhance its tangible book value per share. The company also announced a merger plan with Orrstown Financial Services, promising significant strategic benefits for stakeholders. Investors and security holders are encouraged to review the detailed merger documents available on the SEC’s website and the companies’ respective websites for further information.
Orrstown Financial Services and Codorus Valley Bancorp have received regulatory approvals and waivers from the Federal Reserve and the Pennsylvania Department of Banking and Securities for their merger of equals. The merger, announced previously, is expected to close on July 1, 2024, subject to customary closing conditions.
Orrstown Financial Services is the parent company of Orrstown Bank, which offers various financial services across Pennsylvania, Maryland, and select areas in Virginia and West Virginia. Codorus Valley Bancorp, the largest independent financial services holding company in York, Pennsylvania, operates through its subsidiary, PeoplesBank, providing consumer, business, wealth management, and mortgage services in South Central Pennsylvania and Central Maryland.
Orrstown Financial Services and Codorus Valley Bancorp have received shareholder approvals for their merger of equals. The merger, initially announced on December 12, 2023, was approved by Codorus Valley and Orrstown shareholders on May 30, 2024. The merger is expected to finalize in Q3 2024, pending regulatory approvals.
Orrstown will be the surviving entity, enhancing financial services across Pennsylvania and Maryland. The merger aims to create significant shareholder value and expand opportunities for employees and clients. Both CEOs, Thomas R. Quinn Jr. of Orrstown and Craig L. Kauffman of Codorus Valley, expressed optimism about the merger's potential benefits.
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