Penns Woods Bancorp, Inc. Announces Extension of Stock Repurchase Program
April 20 2018 - 12:12PM
Richard A. Grafmyre, 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. The
repurchase plan is for an additional year ending April 30, 2019 and
allows for the repurchase of up to 482,000 shares of which
approximately 29% 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 nine branch offices providing financial services in
Luzerne County. Jersey Shore State Bank operates seventeen
branch offices providing financial services in Lycoming, Clinton,
Centre, Montour, and Union Counties. Investment and insurance
products are offered through Jersey Shore State Bank’s subsidiary,
The M-Group D/B/A The Comprehensive Financial Group.
Insurance products are offered through United Insurance Solutions,
LLC, a joint venture that is a subsidiary of the holding
company.
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.pwod.com.
Contact: Michelle
Karas570.567.2075michelle.karas@pwod.com
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