Orrstown Financial Services in Shippensburg, Pa., and its bank have been released from all outstanding enforcement actions.

The $1.2 billion-asset company said in a press release Thursday that it had been freed from a March 2012 written agreement with the Federal Reserve Board. The move comes almost two months after the Pennsylvania Department of Banking and Securities freed Orrstown Bank from all enforcement actions.

Orrstown faced regulatory scrutiny after it lost a total of $69 million in 2011 and 2012, according to data from the Federal Deposit Insurance Corp. The company's agreements with the Fed and Pennsylvania Banking Department were aimed at improving its underwriting and credit management practices.

The company has 22 branches and two remote services facilities in Pennsylvania and Maryland.

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