ORRSTOWN FINANCIAL SERVICES, INC. |
(Exact name of registrant as specified in its charter) |
Pennsylvania | 001-34292 | 23-2530374 |
(State or other jurisdiction of incorporation) | (SEC File Number) | (IRS Employer Identification No.) |
77 East King Street, P.O. Box 250, Shippensburg, Pennsylvania | 17257 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: | (717) 532-6114 |
Not Applicable |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
o | Emerging growth company |
o | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; |
Compensatory Arrangements of Certain Officers. |
Item 9.01 | Financial Statements and Exhibits. | |
(d) | Exhibits. |
Exhibit Number | Description | |
10.1 | Amendment to Employment Agreement between Orrstown Financial Services, Inc., Orrstown Bank and Benjamin W. Wallace |
SIGNATURES | |||
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. | |||
ORRSTOWN FINANCIAL SERVICES, INC. | |||
Date: March 15, 2018 | By: | /s/ David P. Boyle | |
Executive Vice President and Chief Financial Officer (Duly Authorized Representative) |
Exhibit Number | Description | |
10.1 |
i. | Bank at Work Project – complete set up of fields for company identification and direct deposit tracking. |
ii. | CECL – complete collection of loan level data from 2010 – 2013; expectation that Company will have support to run parallel programs by 6/30/2018. |
iii. | Precision Lender – final refinements to include ability to include total bank relationship of customer. |
iv. | OnBoard (Jack Henry) – complete integration of account opening platform, including the following: |
▪ | eSign capabilities |
▪ | Enterprise workflow |
▪ | Xperience |
▪ | Chexsystem integration |
▪ | Harland Clarke integration |
▪ | Debit Card ordering integration |
▪ | Net Teller integration |
▪ | Cognos integration |
v. | Private Banking – establish applicable product set up and coding, debit card availability. Expected to be operational by 4/1/18. |
vi. | Wealth Management – define imagining project and system for OFA. |
vii. | Establish a process for tracking and monitoring employee access; need to be able to identify employees who are viewing employee/director accounts. |
ix. | 2018 Branch openings – prepare physical location with all needed technology and telephony needed to open and operate new branches on time. |
x. | Insure stability of key ongoing operational capabilities and relationships, as follows: |
▪ | Website; identify support received from Banno and in-house capabilities |
▪ | eBranch Mortgage advertising |
▪ | Race Data |
Benjamin Wallace | |
Name: (“Executive”) | |
/s/ Benjamin Wallace | |
Signature |
ORRSTOWN FINANCIAL CORPORATION (“Orrstown”) | |
By: /s/ Thomas R. Quinn, Jr. | |
Name: Thomas R. Quinn, Jr. | |
Title: President & CEO |
ORRSTOWN BANK (the “Bank”) | |
By: /s/ Thomas R. Quinn, Jr. | |
Name: Thomas R. Quinn, Jr. | |
Title: President & CEO |