Orrstown Financial Services, Inc., Announces Retirement of Thomas R. Brugger; Names Neelesh Kalani Executive Vice President a...
01 April 2021 - 7:02AM
Orrstown Financial Services, Inc. (the “Company”) (NASDAQ: ORRF),
the parent company of Orrstown Bank (the “Bank”), announced today
that Thomas R. Brugger, Executive Vice President, Chief Financial
Officer is retiring effective April 27, 2021.
Neelesh Kalani, CPA, who joined the Company in February 2020 and
has been serving as Senior Vice President, Chief Accounting Officer
since March 2020, will be promoted to Executive Vice President and
Chief Financial Officer effective April 28, 2021. In his new role,
Mr. Kalani will be responsible for the Company’s financial plans,
policies, and financial compliance.
Mr. Kalani is a graduate of Drexel University, with a BS in
Accounting and Finance and has over 20 years of banking and
financial services experience. Prior to joining the Bank in 2020,
Mr. Kalani spent over seven years as the Chief Accounting Officer
of Sun Bancorp, Inc. and served in previous comparable roles at
Harleysville National Corporation and Willow Financial Bancorp,
Inc. Previously, he worked seven years in the financial services
audit group at KPMG, LLP with progressively increasing levels of
responsibility.
Thomas R. Quinn, Jr., President & CEO, commented, “We are
pleased to announce the promotion of Neil Kalani to Chief Financial
Officer. Neil’s prior experience, combined with outstanding work
here, has shown him to be a strong executive with a deep knowledge
of all financial matters. I would also like to wish Tom Brugger all
the best as he begins a new chapter as a retiree. Tom and Neil have
helped advance the organization and their collective experience at
Orrstown and previous banking institutions will ensure a seamless
transition.”
Contact: |
|
Contact: |
Thomas R. Quinn, Jr. |
|
Matthew Schultheis |
President & CEO |
|
SVP/Investor Relations |
tquinn@orrstown.com |
|
mschultheis@orrstown.com |
717-530-2602 |
|
717-510-7127 |
About the Company
With $2.8 billion in assets, Orrstown Financial Services, Inc.
and its wholly-owned subsidiary, Orrstown Bank, provide a wide
range of consumer and business financial services in 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. 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 Nasdaq (ORRF). For more information about
Orrstown Financial Services, Inc. and Orrstown Bank, visit
www.orrstown.com.
Cautionary Note Regarding Forward-looking
Statements:
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements reflect the current
views of the Company's management with respect to, among other
things, future events and the Company's financial performance.
These statements are often, but not always, made through the use of
words or phrases such as “may,” “should,” “could,” “predict,”
“potential,” “believe,” “will likely result,” “expect,” “continue,”
“will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,”
“project,” “forecast,” “goal,” “target,” “would” and “outlook,” or
the negative variations of those words or other comparable words of
a future or forward-looking nature. These forward-looking
statements are not historical facts, and are based on current
expectations, estimates and projections about the Company's
industry, management’s beliefs and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond the Company's control. Accordingly, the
Company cautions you that any such forward-looking statements are
not guarantees of future performance and are subject to risks,
assumptions and uncertainties that are difficult to predict. If one
or more events related to these or other risks or uncertainties
materialize, or if the Company's underlying assumptions prove to be
incorrect, actual results may differ materially from what the
Company anticipates. Accordingly, you should not place undue
reliance on any such forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is
made, and the Company does not undertake any obligation to publicly
update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise. New risks and
uncertainties arise from time to time, and it is not possible for
the Company to predict those events or how they may affect it. In
addition, the Company cannot assess the impact of each factor on
its business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. All forward-looking
statements, expressed or implied, included in this press release
are expressly qualified in their entirety by this cautionary
statement. This cautionary statement should also be considered in
connection with any subsequent written or oral forward-looking
statements that the Company or persons acting on the Company's
behalf may issue.
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