Orrstown Bank Announces Retirement of John S. Ward, Addition of Eric A. Segal
to Board of Directors
SHIPPENSBURG, Pa., Aug. 22, 2013
SHIPPENSBURG, Pa., Aug. 22, 2013 /PRNewswire/ --Orrstown Bank (the "Bank")
announced today the retirement of Board member John S. Ward, who served the
Company and Bank with distinction since 1999. Following Mr. Ward's retirement
on August 22, 2013, he will continue to serve the organization as a Director
Emeritus. Eric A. Segal has joined the Board of Directors of Orrstown Bank and
Orrstown Financial Services, Inc. (the "Company") effective August 22, 2013,
filling the vacancy created by the retirement of Mr. Ward.
Mr. Segal has more than 25 years experience in senior financial management
positions and currently serves as a partner at CFO Consulting Partners, LLC.
During his five year tenure there he has held significant assignments with
community banks throughout the northeast, frequently focusing his financial
expertise on corporate governance matters, the drafting of policies and
procedures, and working with Boards of Directors and their respective
regulatory agencies. Prior to joining CFO Consulting Partners, LLC, Mr. Segal
spent 17 years with American Express and Ameriprise Financial in roles of
increasing responsibility. He has served as Chief Financial Officer for
Ameriprise Bank, FSB, head of finance for American Express Consumer Banking
Business, and as CFO of the Financial Institutions, Corporate Banking, and
Global Investment Products Divisions of American Express Bank, Ltd. Mr. Segal
holds a BA degree from Carnegie-Mellon University and an MBA in finance with
distinction from Pace University. He also serves as a member of the New Jersey
Bankers Association CFO Committee.
Joel Zullinger, Chairman of the Board, commented, "We are excited about the
addition of Eric to the Board of Directors. His depth and breadth of
experience relative to corporate governance matters and his financial
expertise at both the community bank level and with larger more complex
organizations will be invaluable as the organization executes its strategic
plans. Eric's unique skill set eminently qualifies him to serve as the
Board's financial expert and to chair the Asset Liability Committee."
Eric Segal commented, "I have had the opportunity to interact with my
predecessor, John Ward, and his business acumen and clear understanding of the
issues at hand has been an asset to Orrstown Bank. Over the past 18 months
the Board and Tom Quinn have demonstrated focused execution and made excellent
progress against their commitment to position the Company for the future and I
am looking forward to contributing to a dynamic organization."
Jeff Coy, Vice Chairman of the Board, added, "On behalf of the Board of
Directors and entire Orrstown Management team I would like to welcome Eric to
the Board of Directors and sincerely thank John Ward for his more than
thirteen years of exemplary service to the organization and his continued
support as a Director Emeritus."
With nearly $1.2 billion in assets, Orrstown Financial Services, Inc. and its
wholly-owned subsidiary, Orrstown Bank, provide a full 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. Orrstown Financial Services,
Inc.'s stock is traded on the NASDAQ Capital Market under the symbol ORRF.
SOURCE Orrstown Financial Services, Inc.
Contact: Thomas R. Quinn, Jr., President & Chief Executive Officer, 77 East
King St., Shippensburg, PA 17257, 717.530.2602
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