Orrstown in Pennsylvania Loses Another Senior Executive

Orrstown Financial Services (ORRF) is in the market for a new chief operating officer, adding to the list of vacated posts at the struggling company.

The Shippensburg, Pa., company said in a regulatory filing late Tuesday that Jeffrey Embly had resigned "to pursue other business opportunities." The filing did not provide any other details, and Embly did not return a phone call seeking comment.

The $1.3 billion-asset company has reported a wave of departures, including its chief financial officer and chief credit officer. Last month, Orrstown hired David Boyle, former PNC Financial Services Group (PNC), as its new CFO, with the added responsibility of developing and maintaining financial plans, strategic initiatives and financial compliance.

Orrstown reported an $18.1 million loss through the first half of 2012, exceeding the loss it reported a year earlier. Regulators hit Orrstown with an enforcement order in March tied to risk management.