orrstown bank

Orrstown Bank grows only for one purpose. Do you know what is it? They wanted to be the most successful, influential community bank in American history and now they are. This community bank knew customer is the key to success.

To get customer satisfaction, they open every opportunity for the community like savings accounts, checking accounts, money market accounts, and many more. This bank never lost hope and sight of its original mission.

Its management team highly focused to provide services to make the people and businesses financially much better than before.

They are even offering wealth management services as well. Isn’t it interesting? Let’s dig out more details about this bank.

Picture: Orrstown Bank
Picture: Orrstown Bank

What is Orrstown Bank?

The first step to build a community bank named Orrstown Bank was taken by a group of community leaders. As a result, in 1919, this bank was established.

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From that, it started to help people to meet their financial needs. Even their wide range of services lets them manage their money with ease. Now, headquarter of this bank is in Shippensburg, Pennsylvania.

At first, they started offering services through the branch office. Now they have 26 branches in 7 different locations.

On top of that, their online and mobile banking facility lets the client access every service with a few clicks. That’s how this bank reaches almost every door!

Picture: You can do banking online
Picture: You can do banking online

What About its Health Grade Component?

A financial institution is important both financially and organizationally. You can easily find out what its service and product but now you should focus on some key organizational information that can make you relax about the security before you choose them.

ParticularsRemarks
FDIC Certificate713
Year Established1919
Employees420
Primary RegulatorFED
Return on Assets – YTD1.33%
Return on Equity – YTD13.94%
Annual Interest Income$69.8MM

Assets and Liabilities:

ParticularsQ3 2021Q3 2020
Assets$2.87B$2.78B
Loans$1.93B$2.02B
Deposits$2.52B$2.98B
Equity Capital$282.3MM$251.5MM
Loan Loss Allowances$20.0MM$19.7MM
Unbacked Noncurrent Loans$9.5MM$8.4MM
Real Estate Owned$1.1MM$1.4MM

What Are The Pros and Cons?

As a community bank, this one is good in many ways. Still, there is something they can improve. Here are its pros and cons are given below.

Pros:

  • Top-rate customer service
  • No monthly fees

Cons:

  • Less competitive interest rates

What Types of Product They Are Offering?

A wide range of products can define how much a bank offers you. It also establishes the theory, how diversified their service is.

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Without knowing the product line, it’s hard to choose which option is for you and which one is not. So, take a quick look at the products and services of Orrstown Bank.

Personal Account:

  • Checking
  • Savings
  • CDs & Retirement
  • Online Banking
  • Mobile Banking

Loans:

  • Auto Loans
  • Personal Loans
  • Home Equity Loans
  • Credit Cards

Business Accounts:

  • Business Checking
  • Business Savings
  • Treasury Management
  • Small Business Borrowing
  • Commercial Borrowing

What Are The Rates of Their Popular Product?

A financial product or service can be evaluated by its rate. Community banks are very much conscious about the rate.

So, they carefully offer their product at a rate that is very much acceptable to their clients. This bank also offers rates for its products. Here is the rate of all their popular products.

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Accounts0.10% APY$250
Certificates of Deposit13 Months: 2.68% APY 25 Months: 2.38% APY 35 Months Jumbo: 2.38% APY 37 Months Growth: 2.38% APY 46 Months Growth: 2.38% APY$2000 for all tiers
Money Market Accounts10K tier: 0.03% APY 25K tier: 0.03% APY$10,000 $25,000
Checking Accounts0.05% APY$500

There are few financial products that are popular with this bank and that is only for the rate. They have savings accounts, checking accounts, money market accounts, CDs, and many more.

They impose all the rates after researching other banks’ activities. That’s how this bank becomes so competitive in this sector.

As you see, their CD rate is highly attractive to the people because its much lower than the average U.S bank.

Comparison of the Rate:

Without comparing the rate with other banks you can give any rating for a bank. It will help you to choose which bank is best for you and which product you need.

For Orrstown Bank, you should do the same thing. As you see their saving rate is 0.10% and it’s below than the national average.

On the other hand, they also have a good CD rate. For on-year and five-year terms, this bank offers the best returns like 0.15% and 1.00% respectively. We also made a comparison chart for this purpose and here it is.

Notable ratesAPYVs. Others
Savings0.15%0.85%
1 – Year CD0.25%0.85%
2- Year CD0.35%0.80%
5- Year CD0.50%1.30%
30-Year MortgageN/A2.72%
15-Year MortgageN/A2.36%
HELOCN/A2.79%
Picture: National Average vs. Orrstown
Picture: National Average vs. Orrstown

What about The Service Quality?

To reach people in Maryland and Pennsylvania, this bank opens 25 branches. Now you can easily find them and ask what you need.

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Not only that, their mobile and web applications also have loads of features that let the client have easy access to their account. For better money management, such a facility is now very much useful.

On the other hand, you can get any support from their customer service representative all the time.

Picture: Mobile Apps for money management
Picture: Mobile Apps for money management

Conclusion:

With the perfect plan, a community bank can spread its financial service. Orrstown Bank is the biggest example of such a community bank.

This largest independent community bank knows how to keep its clients happy with its service and product. That’s why people love to take their services. If you want a hassle-free banking experience, then this bank is for you.

With different products and services, money management is now super easy. Even their product planning can guide you to reach your financial goal in a specific time.

To get the service from this bank, you just need to determine why you are here.

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