SHIPPENSBURG, Pa., April 12, 2011 /PRNewswire/ -- Orrstown Financial Services, Inc. (NASDAQ: ORRF), parent company of Orrstown Bank, is pleased to announce that it has been included on SNL Financial's list of the top 100 best performing community banks of 2010. SNL ranked banks with between $500 million and $5 billion in assets by considering six equally weighted metrics, measuring: return on average tangible assets before tax, net charge-offs as a percent of average loans, adjusted nonperforming loans as a percent of total loans, operating expenses as a percent of operating revenue, net interest margin and loan growth.
Thomas R. Quinn, Jr., President and CEO of Orrstown Financial Services, Inc., commented, "Inclusion on SNL's list of the top 100 community banks is a testament to the strength of our Company. This honor, along with our recent inclusion on Keefe Bruyette & Woods, Inc.'s Bank Honor Roll, acknowledges the consistently strong performance of the Company. We have regularly produced solid results and last year posted the highest earnings ever in the 91 year history of the organization. Results of this magnitude would not be possible without the support of our customers, employees, shareholders, and Board of Directors."
With over $1.5 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through twenty banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland. Orrstown Financial Services, Inc.'s stock is traded on the NASDAQ Capital Market under the symbol ORRF.
Safe Harbor Statement: This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the Corporation's business strategy due to changes in current or future market conditions; the effects of competition, including industry consolidation and development of competing financial products and services; changes in laws and regulations, including the recent Dodd-Frank Wall Street Reform and Consumer Protection Act; interest rate movements; changes in credit quality; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Orrstown Financial Services, Inc.'s filings with the Securities and Exchange Commission. The statements are valid only as of the date hereof and Orrstown Financial Services, Inc. disclaims any obligation to update this information.
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