Orrstown Financial appoints new COO, eyes CEO succession

HARRISBURG – Orrstown Financial Services, Inc. (NASDAQ: NASDAQ:ORRF), a financial institution with a market capitalization of $658 million and a strong track record of dividend growth, announced the promotion of Adam L. Metz to Senior Executive Vice President and Chief Operating Officer of the company and its subsidiary, Orrstown Bank, effective immediately. In line with succession planning, Metz is set to succeed the current President and CEO, Thomas R. Quinn, Jr., upon his retirement on May 25, 2026. According to InvestingPro data, the company has maintained dividend payments for 11 consecutive years, demonstrating consistent shareholder returns.

Metz has a history with Orrstown, having served as Executive Vice President and Chief Revenue Officer since February 2019. Prior to this, he held the position of Executive Vice President and Chief Lending Officer from September 2016. His experience extends to Metro Bank in Harrisburg, where he was Senior Vice President and Chief Lending Officer from 2011 to 2016.

Quinn praised Metz’s understanding of the bank’s mission and his significant contributions to its growth over the past decade, describing the promotion as "extraordinarily well-deserved."

Orrstown Financial Services, with $5.4 billion in assets, and Orrstown Bank offer a broad spectrum of financial services across several counties in Pennsylvania and Maryland, as well as parts of Virginia and West Virginia. The bank is recognized as an Equal Housing Lender, with its deposits FDIC-insured up to the legal maximum. Currently trading at $33.90 per share with a P/E ratio of 22.8, InvestingPro analysis suggests the stock is slightly overvalued, though it maintains a Fair financial health rating and offers a 3.1% dividend yield.

The announcement is part of Orrstown’s forward-looking statements, which involve current management views on future events and financial performance. These statements are not guarantees of future performance and are subject to risks and uncertainties. The company has disclaimed any obligation to update forward-looking statements in light of new information or future events.

This executive leadership transition is based on a press release statement from Orrstown Financial Services, Inc.

In other recent news, Orrstown Financial Services has made a significant board appointment. Barbara E. Brobst, a banking veteran with over four decades of experience, has been appointed to the Boards of Directors of both Orrstown Financial Services and its principal subsidiary, Orrstown Bank, effective February 1, 2025. Brobst’s previous roles at Orrstown include Executive Vice President, Chief Human Resources Officer, Senior Vice President for Human Resources, and Senior Trust Officer.

Her expertise in Trust, Wealth, and Investment Services, as well as Governance, Strategic Planning, and Human Resource Management, is expected to be a valuable addition to the board. Joel Zullinger, Chairman of the Board of Directors, expressed confidence in Brobst’s appointment, highlighting her skills in wealth management, human capital management, and her knowledge of the Pennsylvania market.

These developments at Orrstown Financial Services, a company with $5.4 billion in assets, are part of the recent changes in the company’s leadership structure. The board appointment was announced in a press release statement from Orrstown Financial Services, Inc.

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