Penns Woods Bancorp, Inc. Announces Extension of Stock Repurchase Program
April 23 2013 - 2:21PM
Richard A. Grafmyre, 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, 2014. To date,
120,224, or 61% 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 primary role of the repurchase plan is to provide a tool to
assist with the management of the Company's capital position, while
also providing liquidity for shareholders," commented Mr.
Grafmyre. "The combination of our dividend policy and
repurchase plan provides the foundation for increasing shareholder
value."
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore
State Bank, which operates thirteen branch offices providing
financial services in Lycoming, Clinton, Centre, and Montour
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.
CONTACT: Richard A. Grafmyre, President and Chief Executive Officer
300 Market Street
Williamsport, PA 17701
570-322-1111
email: jssb@jssb.com
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