- Current report filing (8-K)
March 25 2009 - 11:08AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
March 24,
2009
Date of Report (Date of
earliest event reported)
PENNS
WOODS BANCORP, INC.
(Exact name of registrant
as specified in its charter)
Pennsylvania
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000-17077
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23-2226454
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(State or other
jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Ident. No.)
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300
Market Street, P.O. Box 967, Williamsport, Pennsylvania
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17703-0967
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(Address of principal
executive offices)
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(Zip Code)
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(570)
322-1111
Registrants
telephone number, including area code
N/A
(Former name or
former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4 (c))
Item 2.06 Material Impairments.
On March 24, 2009, Penns Woods Bancorp, Inc.
(Penns Woods) determined that it expects to record a pre-tax other than
temporary impairment charge for the first quarter of 2009 of between $2,250,000
and $2,750,000, depending upon actual market conditions at March 31,
2009. The non-cash charge relates to
certain holdings of financial sector equity securities held in the investment
portfolio that have experienced a significant reduction in market price as a result
of the current economic crisis and deterioration in the financial markets,
which market prices are not expected to recover in the near term.
As of December 31, 2008, Penns Woods maintained
an equity securities portfolio having a cost value of $16,429,000 and a fair
value of $13,269,000. The portfolio
consists primarily of financial sector holdings of both common and preferred
equities. Certain holdings within the
equities securities portfolio may be sold during 2009 as part of a strategy to
carry back capital losses for tax purposes.
After giving effect to the impairment charge, both
Penns Woods and its wholly-owned banking subsidiary, Jersey Shore State Bank,
will continue to be well capitalized under applicable bank regulatory
guidelines.
2
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
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PENNS WOODS BANCORP, INC.
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Dated: March 25, 2009
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By:
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/s/ Brian L. Knepp
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Brian L. Knepp
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Chief Financial Officer
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