- Current report filing (8-K)
June 30 2009 - 5:19PM
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
June 25,
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 June 25, 2009,
Penns Woods Bancorp, Inc. (Penns Woods) determined that it expects to
record a pre-tax other than temporary impairment charge for the second quarter
of 2009 of between $2,000,000 and $2,500,000, depending upon actual market
conditions at June 30, 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 March 31,
2009, Penns Woods maintained an equity securities portfolio having a cost value
of $14,263,000 and a fair value of $11,339,000.
The portfolio consists primarily of financial sector holdings. 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.
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:
June 30, 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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2
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