Codorus Valley Bancorp, Inc. Approves New Share Repurchase Program
January 14 2021 - 8:45AM
Codorus Valley Bancorp, Inc. (“Codorus Valley” or the
“Corporation”) (NASDAQ: CVLY), parent company of PeoplesBank, A
Codorus Valley Company (PeoplesBank), today announced that its
Board of Directors had approved a new treasury stock repurchase
program.
Under the newly approved stock repurchase
program, the Corporation is authorized to repurchase up to $5
million of the Corporation’s issued and outstanding common stock.
As permitted by securities laws and other legal requirements and
subject to market conditions and other factors, purchases under the
program may be made from time to time in the open market at
prevailing prices, or through privately negotiated
transactions.
The Board of Directors’ January 12, 2021
authorization provides that: (1) the new treasury stock repurchase
program shall be effective when publicly announced and shall
continue thereafter until the earlier of the date an aggregate of
$5 million of common stock has been repurchased or January 31,
2022, or until suspended or terminated by the Board of Directors,
in its sole discretion; and (2) all shares of common stock
repurchased pursuant to the new program shall be held as treasury
shares and be available for use and reissuance for purposes as and
when determined by the Board of Directors including, without
limitation, pursuant to the Company’s Dividend Reinvestment and
Stock Purchase Plan and its equity compensation program.
With assets of over $2 billion, PeoplesBank, A
Codorus Valley Company, is a wholly owned subsidiary of Codorus
Valley Bancorp, Inc., the largest independent financial institution
headquartered in York County, Pennsylvania. PeoplesBank offers a
full range of consumer, business, wealth management, and mortgage
services at financial centers located in communities throughout
South Central Pennsylvania and Central Maryland. Codorus Valley
Bancorp, Inc.’s Common Stock is listed on the NASDAQ Global Market
under the symbol CVLY.
Questions or comments concerning this Press Release should
be directed to: |
Codorus Valley Bancorp, Inc. Larry J. Miller,
Chairman, President and CEO 717-747-1500
lmiller@peoplesbanknet.com |
Larry D. Pickett, CPA -
Treasurer717-747-1502lpickett@peoplesbanknet.com |
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