Orrstown Financial Services Inc. in Shippensburg, Pa., announced that it had raised $40 million in a public offering.

The $1.2 billion-asset company said Monday that it sold 1.48 million shares of common stock for $27 a share, a 24.3% discount to its closing price on March 15.

It plans to use the net proceeds, estimated to be $37.5 million, for general corporate purposes. These may include providing capital to its main subsidiary, Orrstown Bank, or making acquisitions and reducing existing debt.

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