Orrstown Bank announces Chris Orr as CIO and Ben Colvard as COO, enhancing its executive leadership and operational strategy.
Quiver AI Summary
Orrstown Bank has announced the appointment of two new leaders, Chris Orr as Chief Information Officer and Ben Colvard as Chief Operations Officer. Both bring significant experience in the banking industry, with Chris having nearly 20 years in technology strategy and previously serving at Sandy Spring Bank, where he played a key role in a major digital transformation. Ben, with over 20 years in operational excellence, also comes from Sandy Spring Bank, where he contributed to the substantial growth of the bank’s assets. The executives will enhance the bank's mission to provide innovative, client-focused banking solutions, according to President and CEO Thomas R. Quinn, Jr. Orrstown Bank operates in several counties in Pennsylvania and Maryland, offering a range of financial services.
Potential Positives
- Orrstown Bank strengthened its executive team with the appointment of Chris Orr as Chief Information Officer and Ben Colvard as Chief Operations Officer, bringing extensive experience and proven track records in the banking industry.
- Both new executives played crucial roles in significant growth at their previous company, Sandy Spring Bank, which grew from $4.6 billion to $14 billion in assets during Chris Orr's tenure and from $3.5 billion to $14 billion in assets during Ben Colvard's tenure.
- Their appointments are expected to enhance Orrstown Bank's technology and operational strategies, aligning with the bank's mission for innovative and client-focused banking solutions.
- The addition of these leaders signals Orrstown Bank's commitment to improving client experiences and driving future growth through operational excellence and technological advancement.
Potential Negatives
- Potential reliance on new executives who have previous success at another institution, raising concerns about whether similar results can be replicated at Orrstown Bank.
- Appointment of new executives may signal internal challenges or the need for significant changes in strategy, which could indicate previous shortcomings in leadership or performance.
- Increased competition in the banking sector can put pressure on the new executives to deliver rapid results, which may not always be achievable or sustainable in the current market climate.
FAQ
Who are the new executives at Orrstown Bank?
Chris Orr is the new Chief Information Officer, and Ben Colvard is the Chief Operations Officer.
What experience does Chris Orr bring to Orrstown Bank?
Chris Orr has nearly 20 years of experience in consulting, software delivery, and banking, previously serving at Sandy Spring Bank.
What will Ben Colvard's role involve at Orrstown Bank?
Ben Colvard will oversee the bank’s operational strategy, aligning people, processes, and technology to enhance client experiences.
How did Orrstown Bank's president react to the new appointments?
Thomas R. Quinn, Jr. expressed excitement about the new hires and highlighted their potential to deliver innovative banking solutions.
Where is Orrstown Bank located?
Orrstown Bank serves several counties in Pennsylvania and Maryland, including Adams, Berks, and Baltimore Counties.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ORRF Insider Trading Activity
$ORRF insiders have traded $ORRF stock on the open market 6 times in the past 6 months. Of those trades, 4 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $ORRF stock by insiders over the last 6 months:
- CHRISTOPHER D HOLT (EVP, Market President) sold 8,000 shares for an estimated $273,280
- DAVID TODD HORNBERGER (EVP, Market President) sold 4,000 shares for an estimated $151,280
- JOHN W GIAMBALVO purchased 1,000 shares for an estimated $31,750
- CINDY JEANNETTE JOINER has made 2 purchases buying 547 shares for an estimated $18,841 and 0 sales.
- SARAH M BROWN purchased 455 shares for an estimated $15,110
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$ORRF Hedge Fund Activity
We have seen 80 institutional investors add shares of $ORRF stock to their portfolio, and 30 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FOURTHSTONE LLC added 1,252,356 shares (+223.8%) to their portfolio in Q3 2024, for an estimated $45,034,721
- BLACKROCK, INC. added 646,774 shares (+77.2%) to their portfolio in Q3 2024, for an estimated $23,257,993
- VANGUARD GROUP INC added 472,955 shares (+92.9%) to their portfolio in Q3 2024, for an estimated $17,007,461
- DIMENSIONAL FUND ADVISORS LP added 331,264 shares (+66.3%) to their portfolio in Q3 2024, for an estimated $11,912,253
- MANUFACTURERS LIFE INSURANCE COMPANY, THE added 242,876 shares (+inf%) to their portfolio in Q3 2024, for an estimated $8,733,820
- PROSHARE ADVISORS LLC added 206,067 shares (+inf%) to their portfolio in Q3 2024, for an estimated $7,410,169
- PETIOLE USA LTD added 181,966 shares (+inf%) to their portfolio in Q3 2024, for an estimated $6,543,497
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HARRISBURG, Pa., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Orrstown Bank, a wholly owned subsidiary of Orrstown Financial Services, Inc. (NASDAQ:ORRF), is pleased to announce the addition of two accomplished leaders to its executive team. Chris Orr has been appointed as Chief Information Officer, and Ben Colvard joins as Chief Operations Officer. Both bring extensive experience and proven track records of driving innovation and operational excellence within the banking industry.
Chris Orr – Chief Information Officer
Chris Orr will lead Orrstown Bank’s technology strategy, leveraging nearly 20 years of experience in consulting, software delivery, and banking. Chris previously served as Chief Digital Officer at Sandy Spring Bank, where he implemented a transformative digital strategy, oversaw platform modernization, and integrated software development into the organization. His leadership helped Sandy Spring Bank grow from $4.6 billion to $14 billion in assets through multiple acquisitions.
Chris holds a bachelor’s degree in Information Systems and Business Management from the University of Maryland College Park, an MBA in Finance from Loyola College in Maryland, and a Leadership Certificate from The Wharton School. He is also a graduate of the ABA Stonier Graduate School of Banking.
Ben Colvard – Chief Operations Officer
Ben Colvard will oversee the bank’s operational strategy and ensure alignment of people, processes, and technology to deliver exceptional client experiences. With over 20 years of experience in operational excellence, Ben previously served as Chief Optimization Officer at Sandy Spring Bank, where he played a critical role in the organization’s expansion from $3.5 billion to $14 billion in assets through multiple acquisitions.
Ben earned a bachelor’s degree in History with a minor in Economics from Gettysburg College and graduated with honors from the MBA Maryland School of Banking.
Leadership Remarks
“We are thrilled to welcome Chris and Ben to the Orrstown Bank family,” said Thomas R. Quinn, Jr., President and Chief Executive Officer of Orrstown Bank. “Chris’s visionary leadership in technology and Ben’s experience in operational strategy are the perfect combination to help us deliver on our mission of providing innovative, client-focused banking solutions. Their combined experience will play a vital role in shaping our future success.”
About Orrstown
Orrstown Financial Services, Inc. and its wholly owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Adams, Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company's lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. 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 common stock is traded on the NASDAQ Global Select Market under the symbol "ORRF."
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.
For media inquiries or further information, please contact:
John Moss
SVP, Director of Marketing and Client Experience, Orrstown Bank
717-747-1520
jmoss@orrstown.com
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a65ed6c-3c50-462f-9f4b-a702ec2184fb
https://www.globenewswire.com/NewsRoom/AttachmentNg/de6a64b5-6af2-43ec-89a1-0c68fb01ccec
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
