In an exciting development for the residents of Path Valley, Juniata Valley Bank, a wholly-owned subsidiary of Juniata Valley Financial Corp. (OTCQX: JUVF), has successfully finalized its purchase of Orrstown Bank’s Path Valley branch. The branch, located at 16400 Path Valley Road in Spring Run, PA, will now be under the ownership of Juniata Valley Bank following the completion of the transaction, which was initially announced on December 23, 2022.
The agreement between the two financial institutions involved Juniata Valley Bank acquiring specific assets, including the branch premises and equipment, from Orrstown Bank. Additionally, Juniata Valley Bank has assumed deposit liabilities amounting to approximately $18.8 million from Orrstown Bank. Notably, no loans were part of the transaction.
Expressing satisfaction with the acquisition, Marcie Barber, President and Chief Executive Officer of Juniata Valley Bank, stated, “We are pleased to add the Path Valley location to our footprint, as it relocates and broadens our presence in the market and allows us to better serve our valued customers. The acquisition demonstrates our commitment to rural markets and to shareholders, as the consolidation of our Blairs Mills office into Path Valley creates operating efficiencies. The Path Valley central location will serve a larger market and allow for expanded services and personalized customer interaction.”
Thomas R. Quinn, Jr., President and Chief Executive Officer of Orrstown Bank, also expressed his satisfaction with the sale, saying, “Both Orrstown and Juniata believe that the sale is an example of two community banks coming together on a transaction to produce a favorable result for the Path Valley Community. We are pleased that the sale will allow the businesses and residents of Path Valley to continue to enjoy in-person branch banking services, while accomplishing Orrstown’s strategic objectives and delivering value to our shareholders.”
To ensure a smooth transition for all affected branch customers, a welcome kit has been provided to inform them about changes to their banking accounts, cards, checks, CDs, and other relevant details.
Legal counsel for the transaction was provided by Barley Snyder LLP for Juniata Valley Bank and Pillar + Aught for Orrstown Bank.
Juniata Valley Bank, the primary subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, and operates fifteen community offices across Juniata, Mifflin, Perry, Centre, Huntingdon, McKean, and Potter Counties. More information about Juniata and The Juniata Valley Bank can be found online at www.jvbonline.com.
Both Juniata Valley Bank and Orrstown Bank advise caution regarding forward-looking statements contained in this press release. These statements are subject to uncertainties and risks that are difficult to predict, and actual results may differ materially from the expectations expressed or implied by these statements. Neither Juniata Valley Bank nor Orrstown Bank undertakes any obligation to update or review forward-looking statements unless required by law.
For further information on the risks and uncertainties affecting Juniata Valley Bank or Orrstown Bank, please refer to the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial
