Codorus Valley Bancorp in York, Pa., said it had amicably ended a cooperation agreement with an activist investor.
The $2 billion-asset company disclosed in a regulatory filing that the agreement with Driver Management ended on Oct. 30. The decision “marks the end of a period of collaboration and opens new chapters for both parties,” the filing said.
“We are grateful for Driver Management’s commitment to our bank and its shareholders,” Craig Kauffman, the company’s president and CEO, said in the filing. “The insights and recommendations shared have been integral in our pursuit of growth and innovation.”
Codorus Valley and Drive made peace in April 2022 after the investor pushed the company to find a buyer. In subsequent months, Codorus Valley revamped its corporate governance and added several independent directors to its board.