Struggling Orrstown Financial Hands New CFO Broad Duties

It took just three months for Orrstown Financial Services (ORRF) to find a new chief financial officer, but the move could not have come too soon.

David P. Boyle will be responsible for directing the development and maintenance of Orrstown's financial plans, strategic initiatives and financial compliance, the $1.3 billion-asset company said Thursday.

Boyle's appointment comes as Orrstown's losses have widened this year and several officers have departed. Bradley S. Everly resigned in May after 14 years as the CFO, and two executives at the Orrstown Bank unit — its chief credit officer and the director of its special assets group — recently left.

The Shippensburg, Pa., company sold $28.6 million of nonperforming commercial loans to an unnamed investor last month. It reported an $18.1 million loss through the first six months of the year compared with a $6.8 million loss for the same period a year earlier, and regulators hit it with an enforcement order in March.

Boyle had served in various leadership positions at Wayne Bancorp in Wooster, Ohio, including becoming chief executive in 2001. Wayne was acquired by National City in 2004.