Two Key Orrstown Financial Executives Quit

A pair of Orrstown Financial Services (ORRF) executives quit just two months after the Shippensburg, Pa., company's chief financial officer resigned.

Michael Moore, the chief credit officer at Orrstown Bank, and Terry Miller, the director of the bank's special assets group, resigned in recent weeks "to pursue other business opportunities," the $1.4 billion-asset company said in a Monday filing with the Securities and Exchange Commission. Moore quit on Friday and Miller resigned on June 29. Moore and Miller were also senior vice presidents on the company level.

Brad Everly quit as Orrstown's CFO in May, after the company reported a first-quarter loss of $8.2 million and was hit with an enforcement order requiring it to reduce problem loans.

Orrstown has also been dealing with a shareholder lawsuit alleging fraud. Investors sued the company in May, alleging that it did not disclose material information about the quality of its loan portfolio and its underwriting policies in its March 2010 securities offering. Orrstown has said the plaintiffs' claims are without merit.

Orrstown shares have fallen about 62% in the past year.