Orrstown Financial Services (ORRF) reached a legal settlement with PL Capital over a requirement that the outside investor said wrongly benefited management.

PL Capital last year threatened, then filed a lawsuit against, over Orrstown over an alleged violation of enforcement actions levied against the $1.2 billion-asset company. The allegations centered on Orrstown's decision to change its bylaws to require that its directors maintain a permanent residence within 50 miles of the company's Shippensburg, Pa., headquarters.

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