Penns Woods Bancorp, Inc. Announces Extension of Stock Repurchase Program
April 22 2008 - 2:45PM
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 extension of its repurchase plan of up to
197,000 shares, or approximately 5%, of the outstanding shares of
the Company for an additional year to April 30, 2009. To date,
75,227, or 38% of the total 197,000 shares have been repurchased.
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 plan serves as a tool that assists the
Company in managing its capital position effectively and provides
added liquidity for shareholders,� 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 the parent
company of Jersey Shore State Bank, which operates thirteen branch
offices providing financial services in Lycoming, Clinton, and
Centre Counties. Investment and insurance products are offered
through the bank�s subsidiary, The M Group, Inc. D/B/A The
Comprehensive Financial Group. 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 statements other than
statements of historical fact. The Company 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 the Company 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 the Company�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 website at www.jssb.com.
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