March 30, 2010 (FinancialWire) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) said it has completed a public offering of 1,481,481 shares of common stock at a price of $27.00 per share, for gross proceeds of around $40 million.

Sandler O'Neill + Partners, L.P. acted as sole book-running manager. The underwriters have a 30-day option to purchase up to an additional 222,222 shares of common stock from the company at the offering price to cover over-allotments, if any.

The company expects to see net proceeds of around $37.5 million.

Pennsylvania-based Orrstown Financial and its subsidiary, Orrstown Bank, provide a range of consumer and business financial services through twenty-one banking offices and two remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland.  

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