Penns Woods Bancorp, Inc. Announces Extension of Stock Repurchase Program
April 16 2015 - 2:59PM
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 10% of the outstanding shares of the Company. The repurchase
plan is for an additional year ending April 30, 2016 and allows for
the repurchase of up to 482,000 shares of which approximately 6%
has been repurchased to date.
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 Luzerne Bank
and Jersey Shore State Bank. Luzerne Bank operates eight
branch offices providing financial services in Luzerne
County. Jersey Shore State Bank operates fourteen branch
offices providing financial services in Lycoming, Clinton, Centre,
and Montour Counties. Investment and insurance products are
offered through Jersey Shore State Bank's subsidiary, The M-Group
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: Lori Strimple
570.320.2056
lori.strimple@jssb.com
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