Orrstown Financial Services (ORRF) in Shippensburg, Pa. has hired a chief credit officer.
The $1.3 billion-asset parent company of Orrstown Bank, which regulators ordered in March to strengthen its credit risk management practices, said Monday that Robert Coradi will oversee the company’s credit management functions.
Coradi, who joins Orrstown from Susquehanna Bank (SUSQ), has held a series of executive posts throughout his 25 years in commercial banking. He succeeds Orrstown’s former chief credit officer, who resigned in July.
Coradi "brings a wealth of experience to the bank and his credit skills are outstanding,” Jeff Seibert, Orrstown’s chief operating officer, said in a press release. “His oversight will be integral as we expand the commercial loan portfolio.”
The appointment further stems a wave of executive departures that have hit Orrstown, which in August hired Seibert and a chief financial officer.
Orrstown last week reported a loss of $21.4 million in the third quarter, compared with a profit of $4.3 million a year earlier. The loss resulted primarily from a $19 million deferred tax asset tied to credit losses the company said it hopes to take advantage of at a later date. The company’s loan-loss provision fell 35% from a year earlier, to $5.1 million.