An early retirement is throwing off leadership succession plans for one of the region’s largest banks.
Craig Kauffman, who was in line to take the top job at Orrstown Financial Services next year, retired as of Sept. 30, according to a Sept. 25 securities filing from the bank.
Kauffman, Orrstown’s COO, decided to retire due to personal reasons and not due to any disagreement with the bank, according to the filing.
The move comes about three months after a merger closed between Orrstown and York-based Codorus Valley Bancorp, the parent of PeoplesBank.
Kauffman, who led Codorus Valley prior to the merger, was slated to succeed Tom Quinn as Orrstown’s president and CEO in May 2025.
But in its filing, the bank said Quinn has agreed to push back his retirement to May 2026.
“After much personal reflection and consideration, Craig has made the decision to retire from the organization,” Quinn said in a statement. “We fully support his decision and wish him nothing but the best in retirement.”
The merger: Orrstown and Codorus Valley came together as of July in a deal creating a bank with assets of more than $5.2 billion and a network of branches in Central Pennsylvania and northern Maryland.
Based in Swatara Township, Dauphin County, the combined bank has cut jobs and branches following the transaction. But in an interview earlier this year, Quinn and Kauffman said the cuts would lay the foundation for new growth.
Thanks to the merger, the bank leapfrogged this year to fifth place in market share for bank deposits in Adams, Cumberland, Dauphin, Franklin, Lancaster, Lebanon and York counties. Orrstown had been eighth.
What’s next: The bank’s securities filing was mum about potential changes to its succession plan, first disclosed as part of its merger announcement last year.
Orrstown spokesperson John Moss said the bank has not updated its succession plan and will share the information when it becomes public.
The bank is not filling the COO role, he added, and staff members reporting to Kauffman now report to Quinn.
The bio: Kauffman worked in banking for more than three decades, starting at the former CoreStates Bank, according to his LinkedIn profile.
His resume includes stints at First Union, Wachovia, PNC and Sterling Financial, parent of the Bank of Lancaster County.
He joined Codorus Valley in 2018 after holding regional leadership roles at Lititz-based Susquehanna Bank and its acquirer, BB&T, now known as Truist.
Kauffman became Codorus Valley’s president and CEO in 2021 following the retirement of Larry Miller.
