Penns Woods Bancorp, Inc. Announces Stock Repurchase Program
April 25 2006 - 2:57PM
Business Wire
Ronald A. Walko, President and CEO of Penns Woods Bancorp, Inc.,
(NASDAQ:PWOD) has announced that the Company's Board of Directors
has authorized the repurchase of 5% of the outstanding shares of
the Company. The repurchase plan is for a one year period and
allows for the repurchase of up to 197,000 shares or approximately
5% of the 3,941,787 shares outstanding. The repurchase program is
replacing the recently completed August 2000 plan that authorized
the repurchase of 5% of the then outstanding shares. Repurchases
are authorized to be made by the Company from time to time at the
prevailing market prices on the open market in block trades or in
privately negotiated transactions as, in management's opinion,
market conditions warrant. Shares repurchased will be held in
Treasury. "The repurchase of shares will allow the Company to
manage its capital position more effectively, increase earnings per
share, and provide added liquidity for stockholders," commented Mr.
Walko. "The repurchase plan, in addition to our strong dividend
yield, provides a strong base to meet our objective to provide an
acceptable return to our shareholders." Penns Woods Bancorp, Inc.
is a bank holding company, with assets of $579,397 million,
headquartered in Jersey Shore, Pennsylvania. Banking services are
provided by its subsidiary, Jersey Shore State Bank, through 12
branch offices in Lycoming, Clinton and Centre Counties. Investment
and insurance products are also offered through the bank's
subsidiary, The Comprehensive Financial Group. Penns Woods Bancorp,
Inc. stock trades on the NASDAQ National Market under the symbol
PWOD. Note: This press release may contain certain "forward-looking
statements" including statements concerning plans, objectives,
future events or performance and assumptions and other statements,
which are other than statements of historical fact. PWOD cautions
readers that the following important factors, among others, may
have affected and could in the future affect actual results and
could cause actual results for subsequent periods to differ
materially from those expressed in any forward-looking statement
made by or on behalf of PWOD herein: (i) the effect of changes in
laws and regulations, including federal and state banking laws and
regulations, and the associated costs of compliance with such laws
and regulations either currently or in the future as applicable;
(ii) the effect of changes in accounting policies and practices, as
may be adopted by the regulatory agencies as well as by the
Financial Accounting Standards Board, or of changes in the
Company's organization, compensation and benefit plans; (iii) the
effect on PWOD's competitive position within its market area of the
increasing consolidation within the banking and financial services
industries, including the increased competition from larger
regional and out-of-state banking organizations as well as non-bank
providers of various financial services; (iv) the effect of changes
in interest rates; and (v) the effect of changes in the business
cycle and downturns in the local, regional or national economies.
Previous press releases and additional information can be obtained
from the company's web site at www.jssb.com.
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