Orrstown Financial Services, Inc., Announces Retirement of Thomas R. Brugger; Names Neelesh Kalani Executive Vice President and Chief Financial Officer

SHIPPENSBURG, Pa., March 31, 2021 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (the “Company”) (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced today that Thomas R. Brugger, Executive Vice President, Chief Financial Officer is retiring effective April 27, 2021.

Neelesh Kalani, CPA, who joined the Company in February 2020 and has been serving as Senior Vice President, Chief Accounting Officer since March 2020, will be promoted to Executive Vice President and Chief Financial Officer effective April 28, 2021. In his new role, Mr. Kalani will be responsible for the Company’s financial plans, policies, and financial compliance.

Mr. Kalani is a graduate of Drexel University, with a BS in Accounting and Finance and has over 20 years of banking and financial services experience. Prior to joining the Bank in 2020, Mr. Kalani spent over seven years as the Chief Accounting Officer of Sun Bancorp, Inc. and served in previous comparable roles at Harleysville National Corporation and Willow Financial Bancorp, Inc. Previously, he worked seven years in the financial services audit group at KPMG, LLP with progressively increasing levels of responsibility.

Thomas R. Quinn, Jr., President & CEO, commented, “We are pleased to announce the promotion of Neil Kalani to Chief Financial Officer. Neil’s prior experience, combined with outstanding work here, has shown him to be a strong executive with a deep knowledge of all financial matters. I would also like to wish Tom Brugger all the best as he begins a new chapter as a retiree. Tom and Neil have helped advance the organization and their collective experience at Orrstown and previous banking institutions will ensure a seamless transition.”

Contact:		Contact:
Thomas R. Quinn, Jr.		Matthew Schultheis
President & CEO		SVP/Investor Relations
[e-mail]		[e-mail]
717-530-2602		717-510-7127

About the Company

With $2.8 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.