Orrstown Bank
Orrstown Bank is headquartered in Shippensburg and is the 25th largest bank in the state of Pennsylvania. It is also the 565th largest bank in the nation. It was established in 1919 and as of December of 2013, it had grown to 341 employees at 22 locations. Orrstown Bank has a C+ health rating.
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Orrstown Bank Is Deceitful
Orrstown Trust department was deceitful to me not to disclose to me who to report an unresponsive an attorney. That attorney turned out to be the Chairman of the Board of Directors. Three members of the Trust department refused to answer my questions honestly for months and one for over 2 years along with another senior person. Do not trust them they only protect their interests not the customer. The trust is 1.3 million dollars and that did not warranty honesty. Good luck dealing with this bank but as you can read for yourself they have a track record of being accused of deceptive practices ie; SEPTA v. Orrstown. I will be providing more details very soon.
ORRSTOWN BANK--Denial Of Loan--
Orrstown Bank Purchased the First National Bank of Newport a few years ago. I have been less than impressed with this bank. They have high fees and recently I have been denied a mortgage refinance. I pay the current loan every month online from the checking account at Orrstown. My payments will actually be less with the new loan, yet I was denied. My current lender also was offering a 10% discount of the loan amount as an incentive to refinance. So there denial has cost me $8400. The loan amount would have only been for 70% of the appraisal value. My credit rating is 740. It was 760 last month when I refinanced my primary residence. This is ridiculous considering I have two other mortgages with this bank. They basically are not counting my rental income.
Fees Are Outrageous
After their restructuring of their operations the fees have become outrageous. It costs you money to bank with them. If it wasn't for some of their longtime employees I wouldn't have given them a star at all.
Data for Q4 2013
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Orrstown Bank had $20.33 million in non-current loans and owned real-estate with $110.56 million in equity and loan loss allowances on hand to cover it. This gives Orrstown Bank a Texas Ratio of 18.39% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Orrstown Bank experienced no significant changes from 18.29% as of December 31, 2012 to 18.39% as of December 31, 2013, resulting in a negative change of 0.58%. This indicates that the balance sheet and financial strength for Orrstown Bank has had no significant changes in recent periods.
Deposit Growth
In the past year, Orrstown Bank has decreased its total deposits by -$85.4 million, resulting in -7.85% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Orrstown Bank has shown is below average.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Orrstown Bank has $1.18 billion in assets with $110.56 million in equity, resulting in a capitalization level of 9.39%, which is average.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 713 |
| Year Established | 1919 |
| Employees | 341 |
| Primary Regulator | FED |
| Assets and Liabilities | |
|---|---|
| Assets | $1.18 billion |
| Loans | $652.01 million |
| Deposits | $1.00 billion |
| Equity Capital | $89.60 million |
| Loan Loss Allowance | $20.97 million |
| Unbacked Noncurrent Loans | $19.35 million |
| Real Estate Owned | $987,000 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $1.23 billion |
| Equity Capital | $85.22 million |
| Loan Loss Allowance | $23.17 million |
| Unbacked Noncurrent Loans | $19.35 million |
| Real Estate Owned | $1.88 million |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 2.92% |
| Return on Assets | 0.92% |
| Return on Equity | 12.66% |
| Interest Income | $37.10 million |
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Orrstown Bank Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | - | - | Christmas Club | |
| 0.25% | - | - | All Purpose Club | |
| 0.25% | - | - | Prime Statement Savings | |
| 0.15% | - | - | Statement Savings |
Orrstown Bank Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.40% | $500k | - | Money Market |
Orrstown Bank Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.35% | - | $25k | Reward Checking | |
| 0.35% | - | $25k | Think Pink Checking | |
| 0.05% | - | - | Reward Checking | |
| 0.05% | $10k | - | 50+ Interest Checking | |
| 0.05% | $10k | - | Interest Checking | |
| 0.05% | $10k | - | Relationship Interest Checking | |
| 0.05% | - | - | Think Pink Checking | |
| 0.05% | $10k | - | Direct Deposit Interest Checking |
Orrstown Bank has 22 locations. Click to view all Orrstown Bank locations.